The insurer has had a good year so far.
(Photo: dpa)
Frankfurt Last year, the insurance group Talanx achieved a consolidated profit of more than one billion euros for the first time. The bottom line is that profits rose by 50 percent to 1.01 billion euros, as the company from Hanover announced on Thursday after the stock market closed.
Talanx thus reached this mark a year earlier than announced in 2018 when the targets up to 2022 were published. So far, the MDax group had forecast consolidated earnings of up to 950 million euros for 2021.
Provided the Supervisory Board and the Annual General Meeting agree, de Talanx shareholders can now look forward to a dividend of EUR 1.60 per share after EUR 1.50 in the previous year. The group had already announced this in November.
Primary insurance should become more profitable
Gross premium income increased by 10.7 percent to 45.5 billion euros. The operating result also grew strongly, although insurers had to cope with high burdens from natural catastrophes and the corona crisis last year. Talanx explained the earnings growth with “optimization programs in primary insurance”, above all in industrial insurance and private and corporate insurance in Germany. In addition, the international private and corporate customer business continues to be very profitable. The Group is expected to report in detail on the past financial year on March 14.
In the Corona year 2020, the Talanx profit had collapsed to 673 million euros. For the current year, CEO Torsten Leue confirmed that he wants to make a profit of 1.05 billion to 1.15 billion euros.
Primary insurance now accounts for 45 percent of the Talanx result. In 2018 it was less than a third. In addition, the reinsurer Hannover Re is also part of the group, which also announced a profit in the billions on Thursday. Thanks to rising prices for the most recent treaty renewals, especially in natural catastrophe business, Hannover Re also expects profits to rise further this year.
Analysts were satisfied with Hannover Re’s results. Nevertheless, the Hannover Re share, which is also listed in the MDax, closed on Thursday down 4.8 percent. The Talanx share lost 1.1 percent.
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More: Despite natural disasters and the corona crisis: Hannover Re achieves billions in profit