WASHINGTON (dpa-AFX) - Shares of Talanx AG were gaining around 5 percent in the morning trading in Germany after the insurance and financial services firm on Friday lifted its fiscal 2026 profit view after reporting higher first-half profit, with slight growth in insurance revenue.
Torsten Leue, Chairman of Talanx's Board, stated, 'Our strong operations, continued high level of resilience and large loss payments that were nearly half a billion euros below budget make us extremely upbeat for the rest of the year: we now expect to exceed our full-year forecast.... This would represent a double-digit increase in our net income for the year, which would again outpace income growth.'
Looking ahead for fiscal 2026, the company now expects to significantly exceed previous Group net income forecast of around 2.7 billion euros.
In the first half, Group net income rose 9 percent to 1.499 billion euros from 1.373 billion euros last year. Profit growth was recorded at all divisions, mainly with 12 percent rise in Primary Insurance, which contributed 52 percent of Group net income.
Earnings per share were 5.80 euros, up 9.1 percent from 5.32 euros last year.
Operating profit or EBIT grew 11 percent to 3.18 billion euros from 2.86 billion euros last year, primarily due to the increase in the Retail International, Retail Germany and Property/Casualty Reinsurance segments.
Insurance revenue edged up 0.3 percent to 24.256 billion euros from 24.181 billion euros last year. Insurance revenue grew 3 percent adjusted for currency effects.
Primary Insurance grew 2.5 percent from last year to 11.757 billion euros, with 2.6 percent rise in Property/casualty primary insurance and 1.5 percent growth in Life primary insurance.
Reinsurance revenue, meanwhile, dropped 3.1 percent from last year to 12.918 billion euros, hurt by 8 percent drop in Property/casualty, partly offset by 9.1 percent growth in Life/health.
The insurance service result climbed 15 percent year-over-year to 2.95 billion euros.
On the XETRA in Germany, the shares were trading at 120.20 euros, up 4.98 percent.
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