Talanx is also expecting Group net income in excess of EUR 1.7 billion for 2024. Its previous medium-term strategic target was set for earnings of about EUR 1.6 billion in 2025.
“The new target means that this figure will be reached and clearly exceeded a year ahead of schedule. The Talanx Group will present new targets for 2025 in March 2024 when it publishes its financial statements for 2023”.
At the same time, the Talanx representatives mentioned that the group lifted its insurance revenue by 8% y-o-y as at 30 September 2023 to EUR 32.3 billion vs. (EUR 29.9 billion), the operating profit grew 23% to EUR 2.8 billion (vs. EUR 2.2 billion), while Group net income climbed 38% to EUR 1.3 billion (vs. 0.9 billion).
According to the press released by the company, all divisions improved their results. Primary Insurance performed particularly well, lifting its share of Group net income to 47% (vs. 43%). The return on equity was 18.4% (vs. 13.9%) and is expected to be well above the strategic target of more than 10% for the full year. “The strong insurance service result was a key driver in the first nine months, buoyed by inflation-related price increases and large loss payments that remained within budget”.
“The Talanx Group can look back at an extremely successful nine months: we shall exceed our ambitious financial targets for 2023 and have lifted our earnings forecast to significantly more than EUR 1.5 billion. Primary Insurance made a major contribution to this, generating strong operating profit and above-average growth. This demonstrates our continued resilience, even in a challenging market environment, and shows that our focused strategy is paying off sustainably”, said Torsten Leue, Chairman of Talanx AG’s Board of Management.
“Based on our strong results in the financial year to date, we are expecting to reach our medium-term target, which was originally for 2025, a year earlier than planned. Furthermore, we shall exceed it with our new target for Group net income of EUR 1.7 billion.”