In addition, this positive business performance makes the Group confident of generating Group net income of approximately EUR 2.7 billion in 2026. The Management Board had originally assumed that it would be able to increase the consolidated net income generated in the financial year 2024 by 30% to around EUR 2.57 billion by 2027. Based on the Management Board’s current assessment, this target is now expected to be achieved and exceeded a year earlier than initially planned.
The growth in profit after nine months was driven by a strong operating business performance and a positive claims experience in the third quarter. Primary Insurance (51%) and Reinsurance (49%) contributed more or less equally to Group net income. Insurance revenue remained stable at EUR 36.0 (36.0) billion; adjusted for currency effects, it grew by 3%. The insurance service result rose 6% to EUR 4.0 (3.7) billion. The return on equity was 21.5% (19.4%).
The insurance service result for the first nine months of 2025 rose to EUR 4.0 (3.7) billion. Following an unusually positive claims experience in the third quarter, large loss payments amounted to EUR 1.5 (1.8) billion. This was EUR 0.7 billion below the pro rata budget for the period of EUR 2.2 billion, which was recognised in full. Man-made losses amounted to EUR 686 million, while large loss payments for natural disasters totaled EUR 836 million. At EUR 626 million, the forest fires in California in the first quarter of the year were the largest single loss by some distance. Other large losses were the earthquake in Myanmar, at EUR 91 million, the tornadoes in the US Midwest, at EUR 51 million and the typhoon in Asia at EUR 20 million. The combined ratio improved to 89.8% (91.2%).
The net insurance financial and investment result before currency effects increased by 4% to EUR 993 (956) million. Operating profit (EBIT) rose 11% to EUR 4.1 (3.7) billion, while Group net income climbed 23% to EUR 1,964 (1,592) million. The Solvency 2 ratio according to the internal model as at 30 September 2025 was 233% (30 June 2025: 224%).
“We have generated record results after nine months and have already almost reached our full-year net income for 2024. This shows that our business model, which is based on diversification, decentralisation and cost leadership, is competitive in all market phases. As a result, we are optimistic for the rest of the year and for 2026: we are lifting our earnings forecast for 2025 to more than EUR 2.4 billion and are aiming in 2026 for Group net income of approximately EUR 2.7 billion. This means we would reach and exceed our earnings target for 2027 one year earlier than forecast”, said Torsten Leue, Talanx AG’s CEO.
The full report can be found here.
11860 views
