TALANX reconfirmed its FY2018 outlook for the Group's net income

Hannover-based TALANX Group announced its Q1 GWP was up to EUR 10.6 billion, 8.3% up y-o-y, while the Group net income dropped by 8.4%, to EUR 218 million "mainly as a result of the one-off effect of the US tax reform as well as the higher share of profits attributable to minorities".

"In view of the good overall business development, TALANX confirms its Outlook on a Group net income of around EUR 850 million", as the insurer announced in a statement.

At the same time, following the positive development in premium income, "mainly in the Property/Casualty Reinsurance segment, TALANX is now anticipating an increase of more than 5.0% in gross premiums in the 2018 financial year - based on steady exchange rates."

The TALANX Group's large loss burden decreased to EUR 138 million vs. EUR 153 million at the end of March 2017, remaining well below the proportional large-loss budget of EUR 242 million.

Large losses worth EUR 65 million (vs. EUR 19 million) were attributed to primary insurance, whereas reinsurance was burdened with losses in the amount of EUR 73 million (vs. EUR 134 million).

The largest loss event was storm "Friederike", which hit Germany and a number of other European countries and represented a Group-wide burden of around EUR 59 million.

The combined ratio deteriorated slightly to 97.0% vs. 96.3% a year before.

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