Talanx (TLX) investor relations material

Executive summary

• Net income for the first half of 2025 reached €1.373 billion, up 26% year-over-year, marking a record result and prompting an improved full-year outlook, with strong technical performance and a return on equity of 23.4% (20% currency-adjusted).

• Insurance revenue rose 2.4% year-over-year to €24.2 billion, with strong contributions from Corporate & Specialty and Reinsurance segments.

• Primary Insurance accounted for 51% and Reinsurance for 49% of group net income after minorities.

• Combined ratio improved to a record low of 90.7%, and all divisions contributed to record group net income.

• Balance sheet remains robust with a Solvency II capital adequacy ratio of 224%.

Financial highlights

• Insurance revenue grew 4.5% currency-adjusted; adjusted for accounting changes, growth would exceed 7%.

• Net investment income for own risk increased 10.7% to €2.42 billion; return on investment for own risk was 3.4%.

• Earnings per share rose 26% to €5.32.

• Combined ratio reached a record low of 90.7% for the group, with reinsurance at 88.4%.

• Net large losses booked at €1.134 billion, below the six-month budget, creating a €140 million buffer for the remainder of the year.

Outlook and guidance

• Full-year 2025 net income guidance raised to approximately €2.3 billion, with return on equity expected at or slightly above 18%.

• Mid-single-digit currency-adjusted revenue growth targeted for the full year.

• Retail International combined ratio expected to remain below 93% for the year, with ROE above 17%.

• Property/Casualty Reinsurance aims for over 7% revenue growth (currency-adjusted) and a combined ratio below 88%.

• Guidance assumes large losses remain within budget and no major market or currency disruptions.