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Talanx raises FY'19 outlook as income rises 10.8% YOY in Q2


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Talanx raises FY'19 outlook as income rises 10.8% YOY in Q2

Talanx AG's second-quarter group net income after noncontrolling interests grew 10.8% to €242 million from €219 million in the prior-year period.

Gross written premiums climbed year over year to €9.15 billion from €8.20 billion, while net premiums earned increased to €8.08 billion from €7.45 billion in the second quarter of 2018.

The underwriting result deteriorated to a €350 million loss from a €318 million loss a year ago. The main reason for this was the late claim notification for Typhoon Jebi in the property and casualty reinsurance segment amounting to €54 million.

Return on equity was unchanged year over year at 10.1%. Net investment income increased 5.6% to €998 million from €944 million.

The combined ratio weakened to 98.1% from 96.5%.

For the first half, group net income after noncontrolling interests came in at €477 million, up 9.4% from €437 million a year earlier.

The company said that at €308 million, losses from natural disasters and other large losses for the first half were higher than in the prior-year period's €241 million, although still well within the pro rata large loss budget of €527 million at the group level.

The groupwide combined ratio over the first six months weakened to 97.5% from 96.7%.

Talanx said the restructuring of the industrial fire insurance business is progressing "very successfully." It also raised its outlook for group net income in 2019 to more than €900 million.