European insurance group Talanx has outlined its financial results for the first half of 2022, a day after announcing the renewal of chief executive Torsten Leue’s contract.
For the six months ended June 30, Talanx saw a 2.6% increase in group net income attributable to shareholders to €560 million. Operating profit, meanwhile, grew 1.9% to €1.4 billion. Other metrics included €1.9 billion in net investment income, which was a slide from last year’s €2.4 billion.
As for gross written premium (GWP), the insurer enjoyed a 17.7% lift to €28.3 billion. Broken down by type and class of insurance, here are Talanx’s GWP figures:
|
GWP source |
H1 2022 |
H1 2021 |
|---|---|---|
|
Property & casualty primary insurance |
€8.5 billion |
€7.2 billion |
|
Life primary insurance |
€3.1 billion |
€3.2 billion |
|
Property & casualty reinsurance |
€12.1 billion |
€9.3 billion |
|
Life/health reinsurance |
€4.4 billion |
€4.1 billion |
Of the total GWP, 25% came from the US; 20%, Germany; 15%, rest of Europe; 14%, Asia and Australia; 8%, the UK; 7%, Central and Eastern Europe including Turkey; 6%, Latin America; 4%, rest of North America; and 1%, Africa.
The group’s underwriting result was a loss to the tune of €498 million; in H1 2021, the loss was bigger, at €982 million. The improvement was attributed to the life insurance segment.
Commenting on the numbers, Leue stated: “Our strong double-digit premium growth shows firstly that we are already reacting to the high level of inflation by adjusting our prices, and secondly how robust our new business is. This has boosted our resilience further and positioned us to operate in this challenging market environment.
“Despite the impact of natural disasters, inflation, and Russia’s war of aggression in Ukraine, we are confirming our overall targets for the year as a whole, and in addition are lifting our growth expectations due to our strong performance in the first half of the year.”
