Talanx Group, the name behind HDI and Hannover Re, has opened 2026 with record quarterly earnings, reporting a 28% rise in group net income to €774 million for the first three months of the year, up from €604 million a year earlier.
The Hannover-based group said the result keeps it on track to meet its full-year net income target of approximately €2.7 billion and to reach, a year early, its original earnings ambition for 2027.
Insurance revenue for the quarter was €12.1 billion, compared with €12.4 billion a year ago. The insurance service result climbed 34% to €1.5 billion from €1.1 billion. The combined ratio improved to 88.7% from 92.8%, and return on equity rose to 22.3% from 20.1%, reflecting stronger underwriting performance and a lighter large-loss burden.
Primary insurance, written mainly under the HDI brand, contributed 53% of group net income, underlining the growing earnings weight of Talanx’s primary operations alongside its reinsurance arm, Hannover Re.
The Reinsurance division generated insurance revenue of €6.5 billion, down from €7.0 billion a year earlier. The insurance service result rebounded to €890 million from €515 million, reflecting the much lower large-loss burden versus the California wildfire-hit prior-year quarter.
EBIT for the division rose 39% to €975 million from €702 million, and its contribution to group net income increased 50% to €359 million from €240 million.
In property/casualty reinsurance, insurance revenue declined to €4.5 billion from €5.1 billion, affected by currency factors and a reduction in some large structured contracts. Life/health reinsurance also grew, with insurance revenue up 15% on a currency-adjusted basis to €2.0 billion from €1.9 billion.
“We achieved this success despite geopolitical and macroeconomic challenges, and it is further proof that our diversified business model, our decentralized strategy, our resilience and our cost leadership are paying off,” said Torsten Leue, chairman of the Talanx Group’s board of management.
Set against other major European (re)insurers, Talanx’s first-quarter metrics place it in a strong profitability bracket, even if its absolute earnings are smaller than those of the largest groups.
Allianz reported record operating profit of €4.5 billion in the first quarter of 2026 and an annualized adjusted return on equity of 24.2%, with its property/casualty combined ratio at 91.0%. Munich Re booked net profit of €1.7 billion for the quarter, with an annualized return on equity of 19.7% and a property/casualty reinsurance combined ratio of 66.8%. Swiss Re reported net income of US$1.5 billion, an annualized return on equity of 23.6% and a P&C reinsurance combined ratio of 79.5%.
Against that backdrop, Talanx’s 22.3% return on equity and sub‑90% combined ratio compare favorably with many European peers. The figures suggest the group is competing effectively on profitability while still retaining significant growth options in international retail and specialty lines, supported by a robust capital buffer as it targets net income of around €2.7 billion for 2026.
