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Talanx (TLX) investor relations material
Talanx Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Net income for the first nine months rose 23% year-over-year to EUR 1,964 million, nearly matching the prior full-year result.
Return on equity increased to 21.5% from 19.4% year-over-year, supported by strong technical performance and prudent large loss accounting.
Insurance revenue remained stable at EUR 36.0 billion, with currency-adjusted growth of up to 3%.
Diversified business model: 51% of net income from primary insurance, 49% from reinsurance.
Combined ratio improved to 89.8% from 91.2% year-over-year.
Financial highlights
Operating profit (EBIT) increased by 11% to EUR 4.1 billion.
Combined ratio below 90%, the best nine-month result in company history.
Large loss buffer of over EUR 660 million for Q4, with incurred large losses significantly below budget.
Solvency 2 ratio at 233% as of 30 September 2025, up from 224% at 30 June 2025.
Diluted earnings per share rose 23% to EUR 7.61.
Outlook and guidance
Net income guidance for 2025 set above EUR 2.4 billion; 2026 target raised to approximately EUR 2.7 billion, achieving midterm goals a year early.
Return on equity target for 2025 increased to above 19%.
Double-digit earnings growth expected for 2026.
Guidance assumes stable currency and capital markets and large losses within expectations; geopolitical and macroeconomic risks noted.
Dividend policy remains "always up," with flexibility due to strong earnings.
SE legal form: governance changes?
How will Retail Germany offset Targobank revenue loss?
What is the rationale for Reinsurance realized losses?
M&A pipeline and capital deployment strategy
Retail Germany expense ratio reduction outlook
Reserving policy for rising large loss severity
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Frequently asked questions
Talanx AG provides insurance and reinsurance products and services worldwide. The company operates through Retail Business, Other Specialty Business, Industrial Business, and International Insurance segments. The Retail Business segment offers property, casualty and health insurance products to private individuals and small business clients. The company was founded in 1996 and is based in Hanover, Germany.
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