S&P upgrades Talanx Group and subsidiaries’ credit ratings
- August 24, 2025
- Posted by: Beth Musselwhite
- Category: Insurance
S&P Global Ratings has upgraded the credit ratings of Talanx Primary Insurance Group and its core primary insurance subsidiaries from “A+” (Strong) to “AA-” (Very Strong).
The upgrade applies to several Talanx Group companies, including HDI Haftpflichtverband der Deutschen Industrie V.a.G., Talanx AG, HDI Global Insurance Co., HDI Global Network AG, HDI Global SE, HDI Global Specialty SE, HDI Lebensversicherung AG, HDI Versicherung AG (Germany), neue leben Lebensversicherung AG, and Towarzystwo Ubezpieczeń i Reasekuracji WARTA S.A.
S&P attributed the upgrade to the consistent strengthening of the balance sheet and increasing diversification of earnings across business lines and regions.
Alongside the strong performance of its Corporate & Specialty division, the Talanx Group’s expansion in Latin America—where it has become the region’s second-largest property and casualty insurer for private customers following its latest acquisition—also contributed to the upgrade.
The rating agency noted that this diversification enhances Talanx’s ability to withstand economic and market challenges, aligning it with other ‘AA-‘ rated peers. As a result, it upgraded its assessment of Talanx’s competitive position and overall business risk profile to “very strong.”
S&P expects robust underwriting, cost discipline, and profitable growth to drive strong financial performance, with net income projected to exceed €1.9 billion in 2024 and €2.1 billion over 2025-2026. The agency also anticipates Talanx will maintain a return on equity above 12% and retain a very strong capital and earnings position.
Dr Jan Wicke, CFO of Talanx AG and HDI V.a.G., commented, “We are very pleased about the upgrade by S&P, because in our view this decision confirms the continuous progress of our Group on the way to diversified and sustainable profitability.”
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