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Talanx Group Demonstrates Full-Year Results, Forecast For 2023

Talanx Group, the name behind HDI and Hannover Re among others, has today revealed what the financial year 2022 brought for the multinational insurance giant.

The group revealed that it slightly exceeded its FY 2022 target for group net income with an increase of 16% bringing it up to €1.17 billion (approx. £1.04 billion) – above its forecast for a figure in the €1.05-€1.15 billion range. Its gross written premium (GWP) income also saw double-digit growth increasing 17% to €53.4 billion.

Meanwhile, at 12.9%, Talanx’s return on equity was well above the minimum target of 8.4%.

For the financial year 2023, the group is anticipating a group net income of approximately €1.4 billion. In a results release, Talanx revealed that its board of management intends to lift the dividend for the financial year 2022 by 25% to €2.00 per share, to enable shareholders to also benefit from the Talanx Group’s success.

Subject to approval by the supervisory board and the general meeting, the Talanx Group is establishing the starting point for the new strategy cycle for the period up to 2025 – which was announced in December 2022. This will allow for:

a 25% increase in group net income in the period up to 2025, to total €1.6 billion

a 25% dividend increase for 2022 to €2

a further 25% increase to €2.50 by 2025.

The return on equity is envisaged to exceed 10% across the group by 2025.

Talanx will publish its final key financial figures and full consolidated financial statements on March 15, 2023. But in addition to its preliminary results, the group published its forecast for the full-year 2023, in which its key financial figures will be based on IFRS 17 and IFRS 9 for the first time.

“This has resulted in a change in the way revenue is presented, with insurance revenue being reported instead of gross written premiums,” the group said in a results release. “It reflects the payment received for insurance services rendered to policyholders during the reporting period. Receipts and payments of savings components and reinsurance commissions are no longer included.

“For the financial year 2023, Talanx is anticipating insurance revenues of approximately €42 billion. Group net income is expected to be roughly €1.4 billion, while a minimum return on equity of 10% is targeted, in line with the group’s strategy.

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