Talanx sees net income climb 25% in 2024 as insurance revenue hits €48.1bn

Talanx has disclosed a net income of €1.977 billion for 2024, up 25% over the previous year, while the firm’s combined ratio also improved to 90.3%.

At the same time, Talanx’s insurance revenue rose 11% to €48.1 billion in 2024, while the firm’s operating profit (EBIT) reached €4.9 billion.

All divisions reportedly contributed to profit growth in 2024, with Talanx’s Primary Insurance segment expanding its share of the group’s total net income to 49%, driven notably by strong performances in the Corporate & Specialty and Retail International businesses.

Meanwhile, the firm’s large loss payments in 2024 amounted to €2.199 billion, roughly €200 million below budget, despite a large number of major loss events.

According to Talanx, man-made losses amounted to €588 million, while large loss payments for natural disasters totalled €1.6 billion.

Hurricane Milton is said to be the largest single loss incurred by Talanx in 2024 at €290 million, while other large losses included the floods in Eastern Europe and Brazil and Hurricane Helene in the USA.

Talanx noted that large loss payments in Primary Insurance totalled €517 million, while the figure for Reinsurance was €1.629 billion.

Looking more closely at the Reinsurance segment, 2024 insurance revenue increased by 8% after adjustment for currency effects to €26.4 billion.

Talanx observed that this positive performance was driven by revenue growth in Property/Casualty Reinsurance.

The insurance service result in this segment also climbed to €3 billion, while the net insurance financial and investment result before currency effects rose to €923 million.

The contribution made by the Reinsurance segment to Talanx’s net income in 2024 increased by 28% to €1.170 billion.

Torsten Leue, Talanx AG’s CEO, commented, “In 2024, we not only exceeded our targets and further increased our resilience in a challenging market environment, but also drove forward our diversification: Our Group net income rose at more than twice the rate of our insurance revenue, while our Primary Insurance now contributes almost half of our Group net income. We also diversified our reinsurance protection in 2024 with our first catastrophe bond.

“Our success in 2024 shows that our focused strategy with our trust-based, performance-driven culture is paying off. We have a decentralised organisation, are broadly diversified and hold cost leadership positions in 93% of our Group.

“This makes us optimistic for 2025 as well, and we are pursuing our goal of generating Group net income in excess of EUR 2.1 billion with great confidence.”

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