Talanx Earnings: Respectable Profits for the First 9 Months; Shares Fairly Valued

Talanx has reported decent results for the first 9 months of 2023, delivering net income of EUR 1.28 billion for shareholders, ahead of our EUR 1.3 billion full-year forecast. Talanx has grown its insurance revenue by 8% year on year to EUR 32.3 billion for the group. Large loss payments so far this year have amounted to EUR 1.6 billion, which is a little lighter than the EUR 1.9 billion Talanx incurred in the prior year. The large loss budget for the first 9 months on a pro rata basis was EUR 1.7 billion, so Talanx’s full-year large loss budget of EUR 2.25 billion does not look like it will be utilized in full, so far. Within the large losses, EUR 398 million are attributable to human-made losses and EUR 1.2 billion are attributable to natural disasters. The largest loss incurred so far of EUR 329 million, relates to the February earthquake in Syria and Turkey.