frankfurt Despite the losses due to natural catastrophes, the insurance group Talanx has confirmed its forecast for the whole of the year after the first quarter. Therefore, the result of the group in 2022 should continue in a range of 1,050 million to 1,150 million euros. The company announced this on Thursday.
From January to March, the insurer, which is listed on the MDax, earned a total of 256 million euros and, therefore, less than in the same quarter of the previous year. Then they were 277 million euros. However, gross written premiums increased by 16.5 percent to 15.9 billion euros.
“We have had a good start to the new fiscal year, despite the higher claims load, especially from natural catastrophes,” Talanx CEO Torsten Leue explains.
The large loss charge amounted to €358 million in the first quarter, significantly higher than in the same quarter of the previous year. The largest single losses were flooding in Australia and storms in Europe. As a result, the combined claims and expense ratio increased to 98.3 percent.
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The company also announced that the Russian war of aggression in Ukraine is becoming a factor of uncertainty for the current exercise. However, it is still too early for a comprehensive assessment of possible effects. According to Talanx CFO Jan Wicke, Talanx made a general provision of €150 million in the first quarter for possible war expenses.
Talanx invites you to the shareholders’ meeting
In mid-April, Wicke told the Reuters news agency that the insurer’s exposure to Russian government bonds and Russian company bonds was in the double-digit millions.
Meanwhile, the group’s premium growth comes from all lines of business. 47 percent of profit is attributable to direct insurance and 53 percent to reinsurance. Talanx owns 50.2 percent of the Dax Hannover Re group, which also confirmed its annual targets on Wednesday.
Talanx invites you to the Annual General Assembly this Thursday. Shareholders vote a dividend of EUR 1.60 per share. The previous year it was 1.50 euros per share.
Plus: Hannover Re confirms profit target, despite burdens from natural catastrophes, war and pandemic