The first quarter saw strong operating business, net income growth in all divisions and a positive claims experience following unusually high loss payments in the prior-year quarter. Primary Insurance contributed 53% to Group net income. At EUR 12.1 (12.4) billion, three-month insurance revenue was up 3% adjusted for currency effects. The insurance service result climbed 34% to EUR 1.5 (1.1) billion, while operating profit (EBIT) rose 27% to EUR 1.6 (1.3) billion. The return on equity increased to 22.3% (20.1%). The Talanx Group strengthened its balance sheet in 2025 and extended the resilience of its loss reserve, based on its own estimates, by roughly EUR 1.2 billion to EUR 5.9 billion.
The insurance service result rose by 34% to EUR 1.5 (1.1) billion following unusually high large loss payments in the prior-year quarter for the forest fires in California. Large loss payments amounted to EUR 289 million, clearly undershooting both the prior-year figure (EUR 881 million) and the pro rata budget for the period (EUR 676 million), which was recognised in full. The largest single loss was Winter Storm “Fern” in the USA and Canada, at EUR 128 million. Other large losses were Atlantic Storms “Kristin” and “Leonardo” on the Iberian Peninsula and in Morocco (EUR 34 million) and the Australian bush fires (EUR 19 million). Large loss payments for natural disasters amounted to EUR 205 million, while man-made large losses totalled EUR 84 million. The combined ratio improved to 88.7% (92.8%).
The net insurance financial and investment result before currency effects rose 17% to EUR 524 (448) million. Operating profit (EBIT) grew 27% to EUR 1.6 (1.3) billion, while Group net income rose 28% to EUR 774 (604) million. The Solvency 2 ratio as at 31 March 2026 was 249% (31 December 2025: 243%).
“Taking stock after the first three months of 2026, we can say that we have generated record quarterly net income and enhanced our profitability. At the same time, we still have a cushion of almost EUR 400 million in our large loss budget for the remaining months of the year. As a result, I am highly confident that we shall hit our net income target of roughly EUR 2.7 billion for the full year. We achieved this success despite geopolitical and macroeconomic challenges, and it is further proof that our diversified business model, our decentralised strategy, our resilience and our cost leadership are paying off”, said Torsten Leue, Chairman of the Talanx Group’s Board of Management.
The full report can be found here.
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