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Talanx revises FY'17 profit guidance as Q2 net income rises YOY

Talanx AG revised upwards its full-year 2017 group net income outlook after seeing a year-over-year increase in its attributable net income for the second quarter.

The German insurer on Aug. 14 reported second-quarter consolidated net income attributable to shareholders of the company of €225 million, up from the year-ago adjusted attributable income of €181 million.

The group noted that the 2016 figures were adjusted in line with International Financial Reporting Standards 3.45 within the valuation period.

EPS for the quarter was 89 cents, compared to 71 cents a year earlier.

Gross written premiums, including premiums from unit-linked life and annuity insurance, increased on a yearly basis to €7.80 billion from €7.43 billion. Net premiums earned totaled €6.75 billion, up from €6.54 billion a year ago. Net claims and claims expenses rose year over year to €5.58 billion from €5.34 billion.

Talanx booked a net technical loss of €525 million, compared to a loss of €362 million in the second quarter of 2016. The group's net investment income increased year over year to €1.07 billion from €940 million.

The combined ratio in property and casualty primary insurance and nonlife reinsurance was 97.6% at the end of June, compared to 97.3% a year earlier.

Return on equity stood at 9.8%, compared to the year-ago 8.4%.

For the first half, the group posted consolidated net income attributable to the company's shareholders of €463 million, up from €403 million a year earlier. EPS for the half increased on a yearly basis to €1.83 from €1.59.

Gross written premiums amounted to €17.55 billion, compared to €16.43 billion in the first half of 2016. Net premiums earned rose year over year to €13.44 billion from €12.81 billion. Net claims and claims expenses was €11.06 billion, compared to the year-ago €10.57 billion.

Talanx raised its expected group net income for full-year 2017 to about €850 million from the previous outlook of roughly €800 million. The group said the upward revision of its forecast follows the group's positive performance in the first half.

The company also said it aims to pay out between 35% and 45% of group net income as dividend payment for 2017.