German insurance group Talanx has logged a group net income of €1.58bn ($1.71bn) in 2023, a 123% surge from €706m in 2022.  

This growth was attributed to contributions from all divisions, particularly primary insurance, which accounted for 46% of the group’s net income. 

Talanx, which operates brands such as HDI Global and Hannover Re, recorded a 9% increase in insurance revenue, totalling €43.23bn for the financial year.  

The company highlighted that large losses remained within budget and inflation-related price adjustments contributed to a strong insurance service result for the year. 

The industrial lines division reported a 10% increase in insurance revenue, reaching €9.1bn.  

This division’s growth was primarily driven by the property and liability business, which achieved a insurance service result of €770m, benefitting from higher interest rates, a low level of frequency losses and minimal large losses. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In the retail international division, insurance revenue surged by 33% year-on-year to €7.1bn, with significant contributions from the property and casualty (P&C) insurance and life insurance segments.  

New additions to the division, including companies in Brazil and Türkiye, contributed €642m in insurance revenue, with two-thirds of the growth being organic. 

The European retail insurance market saw revenues climb to €4.4bn, driven by inflation-related premium increases in Türkiye and growth in motor vehicle and homeowners insurance in Poland.  

Latin American retail operations recorded a 44% boost in insurance revenue to €2.7bn.  

The Germany retail division also experienced growth, with insurance revenues rising to €3.6bn, led by the P&C insurance segment.  

Overall reinsurance segment revenue increased to €24.5bn from €24bn. 

Group-wide, man-made large losses amounted to €557m, while natural disaster losses totalled €1.61bn.  

The largest single loss was a summer storm in Italy, impacting the large loss budget by €354m. 

The company has proposed a raise in the dividend per share by €0.35 to €2.35. 

It is also optimistic about 2024, forecasting a net income of more than €1.7bn.  

Talanx board of management chairman Torsten Leue said: “We are growing sustainably and profitably in the interests of our business partners, customers, shareholders and employees. We generated record group net income while also enhancing our resilience despite macroeconomic and geopolitical challenges. This demonstrates the high quality of our earnings and makes us optimistic for the coming years.”