Talanx Group generates ‘record’ 2019 results of €923m ($1m)
German insurer The Talanx Group has said it generated ‘record’ group net income in 2019 due to increased earnings across its business four divisions, with industrial lines and reinsurance doing particularly well.
The earnings of €923 million ($1 million) in the financial year 2019, based on preliminary unaudited consolidated figures, showed an increase of roughly 30 percent on the previous year’s figure of €703 million.
Operating profit (EBIT) saw a double-digit rise, climbing 20 percent from €2 billion in 2018 to €2.4 billion in 2019. Gross written premiums were up 13 percent from €34.9 billion to €39.5 billion.
The company said its 20/20/20 programme, which aims to lift profitability in the area of fire insurance, is ahead of schedule. Prices have already been increased by 30 percent – above the goal for 2020 of 20 percent. The combined ratio for the Industrial Lines Division was in line with forecasts at roughly 101 percent, an improvement from 109.1 percent in 2018, while the division’s contribution to group net income is positive again. The proportion of net income accounted for by primary insurance rose overall, despite an extremely strong performance of the group’s reinsurance operations.
For the financial year 2020, the Talanx Group said it continues to expect group net income to range between more than €900 million and €950 million.
Talanx will publish its final key financial figures for the year, its dividend proposal and its full consolidated financial statements on March 16 2020.
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