Talanx Reports Strong Financial Performance for 2024
Talanx has announced an impressive net income of €1.977 billion for 2024, marking a significant 25% increase compared to the previous year. The company’s combined ratio also saw improvement, reaching a commendable 90.3%.
The firm experienced an 11% rise in insurance revenue, amounting to €48.1 billion, while operating profit (EBIT) soared to €4.9 billion. All business divisions contributed to this profit growth, with the Primary Insurance segment notably expanding its share of the group’s total net income to 49%. This was largely driven by remarkable performances in the Corporate & Specialty and Retail International sectors.
Despite facing several major loss events, Talanx’s large loss payments in 2024 were approximately €2.199 billion, which is about €200 million below budget. Man-made losses were recorded at €588 million, while large loss payments due to natural disasters totaled €1.6 billion.
Hurricane Milton emerged as the most significant single loss, costing Talanx €290 million. Other notable losses included floods in Eastern Europe and Brazil, and Hurricane Helene in the USA. In detail, large loss payments within Primary Insurance reached €517 million, while the Reinsurance segment accounted for €1.629 billion.
Focusing on the Reinsurance segment, insurance revenue for 2024 increased by 8% when adjusted for currency effects, totaling €26.4 billion. This positive trend was primarily driven by growth in Property/Casualty Reinsurance. The insurance service result in this segment climbed to €3 billion, and the net insurance financial and investment result before currency effects rose to €923 million. Contributions from the Reinsurance segment to Talanx’s net income in 2024 surged by 28%, reaching €1.170 billion.
Talanx AG’s CEO, Torsten Leue, stated, “In 2024, we not only surpassed our targets and enhanced our resilience in a challenging market environment, but also advanced our diversification. Our Group net income increased at more than twice the rate of our insurance revenue, and our Primary Insurance now contributes almost half of our Group net income. We also diversified our reinsurance protection in 2024 with our first catastrophe bond.”
Leue added, “Our success in 2024 is a testament to our focused strategy and our trust-based, performance-driven culture. With a decentralized organization, broad diversification, and cost leadership in 93% of our Group, we are optimistic for 2025 and confident in our goal to generate Group net income exceeding EUR 2.1 billion.”
