Talanx (TLX) investor relations material

Executive summary

• Achieved record net income of €2,480m in FY 2025, up 25% year-over-year, with a 33% increase in dividend per share to €3.60, subject to AGM approval.

• Insurance revenue rose 5% adjusted for currency effects to €49.0bn, with all divisions contributing to earnings growth.

• High-quality earnings despite €860m realised bond losses and €1,173m disposal losses from shifting away from low-yield investments.

• Primary Insurance and Reinsurance each contributed roughly half of group net income, reflecting a balanced structure.

• Market capitalization rose to €27.6bn by February 2026, reflecting increased shareholder value.

Financial highlights

• Insurance revenue grew 2% to €48,994m; operating result (EBIT) up 8% to €5,303m year-over-year.

• Combined ratio for Property/Casualty improved to 89.1% from 90.3% year-over-year.

• Return on equity improved to 19.7% from 17.9% in 2024.

• Earnings per share increased to €9.60 from €7.65.

• Net insurance financial and investment result before currency effects declined to €859m from €1,278m, impacted by disposal losses.

Outlook and guidance

• 2026 targets: mid single-digit insurance revenue growth, net income ~€2,700m, ROE ~19%.

• Segment targets for 2026 include: Corporate & Specialty ROE >16%, Retail International ROE >16%, Retail Germany ROE >10%, Reinsurance ROE >14%.

• Guidance assumes stable currency and capital markets and large losses within expectations; geopolitical and macroeconomic risks noted.