German insurance group Talanx posted Q1 2022 GWP worth EUR 15.9 billion, up by 16.5% y-o-y. Operating profit (EBIT) rose to EUR 630 million (vs. EUR 625 million), while group net income was EUR 256 million (vs. EUR 277 million) due to a higher tax burden and was attributable in almost equal measure to the primary insurance (47%) and reinsurance (53%) areas.

"Our Group saw double-digit percentage growth in all divisions in the first quarter, and we generated good Group net income of EUR 256 million. This has got us off to a good start to the year, despite higher losses from natural disasters in particular", said Torsten LEUE, Chairman of Talanx AG's Board of Management.

The Talanx Group has confirmed its outlook for the current financial year. It is expecting Group net income in the EUR 1,050-1,150 million range.

"The Talanx Group is resilient - as can be seen from our strong Group net income in these challenging times. We are also confirming our forecast for the current financial year."

At EUR 458 million (vs. EUR 287 million), large losses for the first three months exceeded the pro rata large loss budget figure of EUR 387 million by a clear EUR 71 million. Total large losses in primary insurance were EUR 121 million (vs EUR 93 million), while the figure for the reinsurance area was EUR 336 million (EUR 193 million). The largest single losses were the floods in Australia, which accounted for EUR 236 million, followed by the storms in Europe. This development lifted the combined ratio to 98.3% (vs. 96.1%).