Talanx publishes quarterly statement for Q1 | Insurance Business America
Insurance income and net income improve
insurance news
By Terry Gangcuangco
The Talanx Group, parent company of Hannover Re and HDI, recorded an increase in both its insurance revenue and its consolidated net income for the period from January to March 2023.
According to the company’s quarterly statement, insurance revenues increased by 6.3% to 10.7 billion euros in the first quarter, while the consolidated net income was 423 million euros.
Talanx justified the improved figures with the words: “Growth [in insurance revenue] was borne by primary insurance (+14.2%). Consolidated net income rose significantly in double digits by 31% to €423 million compared to the same quarter of the previous year.
“The first quarter of 2023 was characterized by a strong insurance services result, which benefited from lower major losses as well as unwinding and discounting effects from the new accounting standard. Primary insurance contributed 42.7% to the consolidated result, reinsurance 57.3%. For the year as a whole, the Group continues to expect consolidated net income of EUR 1.4 billion.”
Broken down further, the Industrial Lines division contributed EUR 69 million to the consolidated profit; Retail Germany, €40 million; Retail international, 75 million euros; and reinsurance 247 million euros.
“We got off to a good start in the new financial year: our Group continued to grow,” said Torsten Leue, CEO of Talanx AG. “Our consolidated net income increased very significantly by 31% to €423 million. Primary insurance made a significant contribution to this development.
“This clearly shows that the optimization programs in primary insurance are having a lasting effect. Our group remains resilient and our strategy continues to prove extremely successful. Not only do we confirm our guidance for the current fiscal year, we are also a strong start to our new strategy cycle through 2025.”
How do you rate Talanx’s financial results? Share your thoughts in the comments below.
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