Talanx CEO sees international expansion delivering

Talanx grew premium income by 8.3 percent year on year to €10.6 billion in the first quarter of 2018 as the group expands outside Germany.

Adjusted for currency effects, premium income increased by 14.1 percent year over year. All segments other than the German life business contributed to this premium growth.

"Overall, we've had a good start to 2018,” said Talanx CEO Torsten Leue. “Positive international market growth shows that our diversification is being implemented successfully outside the domestic market. However, we are also continuing to succeed and increase profitability in the German retail business,” Leue added.

Overall, group net income declined slightly to €218 million in the first quarter of 2018 from €238 million in the same period of 2017, mainly as a result of the one-off effect of the US tax reform as well as the higher share of profits attributable to minorities. The combined ratio deteriorated slightly to 97.0 percent in the first quarter of 2018 from 96.3 percent a year earlier.

“Despite the impact of storm ‘Friederike’ and investment in modernisation of the division, the combined ratio dropped below 100 percent. The results for the first quarter have laid good foundations for achieving our outlook for group net income of around €850 million," Leue said.

The parent company of Hannover Re and HDI confirmed its outlook on a group net income of around €850 million for 2018.

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