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Talanx announces net income of around 670m

Feb 07, 2018 (MarketLine via COMTEX) --

According to consolidated, provisional figures, the Talanx Group has achieved Group net income of around EUR 670 (2016: 907) million in the financial year 2017.

Earnings were in excess of the outlook amounting to around EUR 650 million published in November.Alongside improved performance in reinsurance, the domestic and foreign retail business contributed to outperforming expectations for earnings. This more than compensated for the negative effect on earnings at the end of the year brought about by a write-down of tax loss carryforwards amounting to around EUR 40 million in the Group Corporate Operations segment. Gross written premiums grew throughout the Group by around six percent to EUR 33.1 (31.1) billion. Significant growth in premiums was posted by the Reinsurance Division and Retail International.The group-wide net large loss burden amounted to EUR 1.6 (0.9) billion. This was due in particular to exceptionally high losses from natural catastrophes in Industrial Lines and Reinsurance owing to hurricanes "Harvey", "Irma" and "Maria", and the earthquakes in Mexico.A dividend payment at least equal to the year-earlier level is assured from today's perspective. Talanx will publish final financial figures, a proposal for the dividend payment and the complete consolidated financial statements on 19 March 2018.

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