The Talanx Group, parent of Hannover Re and HDI, has reported an increase in both its insurance revenue and group net income for the January to March 2023 period.
According to the company’s quarterly statement, insurance revenue grew 6.3% to €10.7 billion in the first quarter, while group net income amounted to €423 million.
Explaining the improved figures, Talanx said: “Growth [in insurance revenue] was driven by primary insurance (+14.2%). Group net income increased by a significant double-digit 31% to €423 million compared to the prior-year quarter.
“The first quarter 2023 was dominated by a strong insurance service result, which benefited from lower large losses, and from unwinding and discounting effects caused by the new accounting standard. Primary insurance contributed 42.7% to group net income, and reinsurance 57.3%. The group continues to expect group net income of €1.4 billion for the full year.”
Broken down further, the industrial lines division accounted for €69 million of group net income; retail Germany, €40 million; retail international, €75 million; and reinsurance, €247 million.
“We have got off to a good start in the new financial year: our group continued its growth,” Torsten Leue, chairman of Talanx AG’s board of management, commented. “Our group net income showed a very significant increase of 31% to €423 million. Primary insurance made a strong contribution to this performance.
“This clearly shows that the optimization programmes in the primary insurance segments are having a lasting effect. Our group remains resilient, and our strategy is continuing to prove extremely successful. Not only are we confirming our forecast for the current financial year, but this is also a strong start to our new strategy cycle for the period up to 2025.”
What are your thoughts on Talanx’s financial results? Share what you think in the comments below.