TALANX: the year started with strong GWP growth and good upturn in Group net income
The combined ratio improved to 96.8% (97.0%), supported by the underwriting result increase by 17%; EBIT rises 4% to EUR 616 (592) million and Group net income up 8% to EUR 235 (218) million; GWP income saw double-digit growth in the first quarter of 2019, up 11% to EUR 11.7 (10.6) billion. Operating profit rose by 4% to EUR 616 (592) million thanks to the Retail Germany, Retail International, and Reinsurance divisions, with Group net income rising 8% to EUR 235 (218) million, according to the Group official statement.
As Torsten LEUE, Chairman of the Board of Management at Talanx AG believes, "Together with strong operating performance in the Retail Germany, Retail International and Reinsurance divisions, the positive effects of the new strategic focus are becoming evident. Industrial Lines is well under way with its 20/20/20 profitability program and the launch of the joint venture between Hannover Re and HDI Global - HDI Global Specialty - will enable us to tap into additional business potential in the long run. We are therefore confident about the current financial year and confirm our ambitious targets. We have already achieved over a quarter of our annual profit target in the first quarter", he said.
The detailed Group report can be found here.