Talanx Group shatters profit records

Talanx Group shatters profit records | Insurance Business America

Insurance News

Talanx Group shatters profit records

It shares ambitious targets for the future

Insurance News

By
Roxanne Libatique

Talanx Group (Talanx) has achieved an unprecedented profit milestone, recording a net income of EUR 1,581 million for financial year 2023 (FY23), significantly outperforming its projected target of around EUR 1.4 billion.

The insurance group unveiled these figures in its preliminary unaudited financial results, highlighting a noteworthy uptick in insurance revenues to EUR 43.2 billion from the previous year’s EUR 39.7 billion.

This financial uplift translated to a robust return on equity rate of 16.6%, far surpassing the company’s strategic aim of 10%.

This financial upturn was underpinned by across-the-board earnings growth in all of Talanx’s divisions, effective management of large loss payments within the set budget, and adjustments in pricing to counter inflationary pressures, it stated.

Talanx 2024 goals

Talanx has set a forward-looking net income target for 2024, aiming for over EUR 1.7 billion. This forecast not only demonstrates confidence in continued financial growth but also suggests the group is on track to surpass its 2025 net income goal of approximately EUR 1.6 billion ahead of time.

The 2023 fiscal year also marked the first instance Talanx reported its financials under the newly implemented IFRS 17 and IFRS 9 accounting standards, with a comprehensive breakdown of the implications of these updated accounting norms featured in its mid-year interim report.