BERLIN (dpa-AFX) - Shares of Talanx AG (TLLXY, TNXXF) were gaining around 3 percent in the morning trading in Germany after the financial services firm on Thursday reported higher profit and insurance revenues in its first quarter. Further, the firm said it is well on track to achieve its target for the year 2025 of more than 2.1 billion euros.
Torsten Leue, CEO of Talanx AG, said, 'We got off to a strong start in 2025, demonstrating that our diversified business model is paying off. Although the first quarter, which saw the forest fires in California, produced one of the largest losses from a natural disaster in the Group's history, we also generated our strongest quarterly net income to date. This shows we are robustly positioned with our mix of Primary Insurance and Reinsurance, which is expected to normalise again in the course of the year. I am highly confident that we shall reach our target net income for 2025 of more than EUR 2.1 billion.'
Over the medium term, Talanx Group continues to expect Group net income of more than 2.5 billion euros and an increase in the dividend to 4.00 euros per share for 2027.
In the first quarter, net income attributable to shareholders grew 5 percent to 604 million euros from 576 million euros a year ago despite high large losses. Earnings per share were 2.34 euros, higher than 2.23 euros last year.
Operating profit or EBIT increased 4 percent year-over-year to 1.27 billion euros.
Insurance revenue went up 5 percent to 12.36 billion euros from 11.72 billion euros a year ago.
First-quarter Group insurance revenue rose 5 percent to 12.36 billion euros from 11.72 billion euros a year ago. The insurance service result was up 3 percent to 1.118 billion euros.
Payments for large losses jumped significantly to 881 million euros from last year's 76 million euros, 276 million euros more than the large loss budget. The largest single loss was the forest fires in California at 640 million euros.
On the XETRA in Germany, Talanx shares were trading at 108.20 euros, up 3.15 percent.
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