Talanx AG has taken full ownership of its Polish insurance businesses after completing the acquisition of the remaining shares in Warta and TU Europa from long-standing partner Meiji Yasuda Life Insurance Company, further consolidating its position in one of Central and Eastern Europe’s key growth markets.
The German group said its strategic partnership with Meiji Yasuda expired by mutual agreement on Dec. 31, 2025. Under the economic terms agreed in December 2024, Talanx exercised purchase options over Meiji Yasuda's 24.3% stake in non-life carrier Towarzystwo Ubezpieczeń i Reasekuracji Warta S.A. and its 50% minus one share in bancassurer Towarzystwo Ubezpieczeń Europa S.A., paying the purchase price in exchange for the shares last Feb. 16.
Because of the way the options were accounted for, the proportionate earnings from the minority interests have already been recognised in full in the retail international division's results since Jan. 1, 2025. A December 2024 announcement indicated that exercising the options was expected to add a mid double-digit million euro amount to group earnings after minorities, with a purchase price in the mid triple-digit million euro range and a positive impact on earnings per share and return on equity.
Torsten Leue (pictured, left), chairman of the board of management of Talanx AG, described the move as both the close of a 14‑year cooperation and a strategic step for the group. He thanked Meiji Yasuda for a “long-standing and trusting partnership” and said the Japanese shareholder had helped support and shape the company’s development.
However, for the market, the more significant development is what full control means for Talanx’s Central and Eastern Europe strategy.
According to Wilm Langenbach (pictured, right), chairman of HDI International AG, the transaction strengthens the group's position in what it regards as a core market and allows it to participate fully in the future development on both companies.
HDI International, the entity responsible for international private and commercial insurance business within the Talanx Group, has been active in Poland with Warta since 2012, when Talanx and Meiji Yasuda first entered the market.
Market analysis suggests Poland now accounts for close to 40% of Central and Eastern Europe’s insurance premiums, with Warta among the top three carriers by market share and outpacing the wider market on growth in recent years.
Those dynamics have been visible in group numbers. In its 2025 half‑year results, Talanx reported that its retail international division increased insurance revenue by 9% on a currency‑adjusted basis to €4.7 billion, citing particularly strong performance in Poland and Mexico, while operating profit rose 24% to €525 million.
The full ownership simplifies capital management and gives Talanx complete access to Warte and TU Europa's earnings and dividend streams, which can be important under Solvency II as groups look to optimise fungible capital.
