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Talanx exceeds FY'17 profit guidance with net income of around €670M

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Talanx exceeds FY'17 profit guidance with net income of around €670M

Talanx AG reported provisional full-year 2017 consolidated group net income of around €670 million, down from €907 million in the prior-year period.

The German insurer, however, noted that the figure exceeded its outlook of around €650 million published in November 2017.

Gross written premiums increased year over year by around 6% to €33.1 billion from €31.1 billion, with significant growth in premiums at the reinsurance division and retail international, according to the company.

The group-wide net large loss burden was €1.6 billion, compared to the year-ago €900 million. The company primarily attributed this to "exceptionally high" losses from natural catastrophes in industrial lines and reinsurance due to Hurricanes Harvey, Irma and Maria Harvey, which hit parts of the U.S. and the Caribbean in the third quarter of 2017, and earthquakes in Mexico.

Talanx is set to publish its complete consolidated financial report, including a proposal for the dividend payment, on March 19.