The international rating agency S&P Global Ratings today upgraded the credit ratings of the Talanx Primary Insurance Group and its core primary insurance subsidiaries from “A+” (Strong) to “AA-” (Very Strong) with stable outlook due to increasing earnings diversification as well as sustainably improved resilience, the Group said in its press release.

It is noted that financial strength rating is now in line with AM Best at second-best rating category.

From the perspective of S&P Global Ratings, the upgrade reflects the consistent strengthening of the balance sheet as well as the ongoing diversification of earnings streams across business lines and regions. In addition to the very successful development of the Corporate & Specialty division, the expansion in Latin America, where the Talanx Group has now become the second-largest property and casualty insurer for private customers following its latest acquisition, also contributed to this.

"We are very pleased about the upgrade by S&P, because in our view this decision confirms the continuous progress of our Group on the way to diversified and sustainable profitability", said Dr Jan Wicke, CFO of Talanx AG and HDI V.a.G.