Talanx (TLX) Q2 2026 earnings summary

Executive summary

• Achieved record net income of EUR 1.5 billion for the first half of 2026, up 9% year-over-year, with all segments contributing and Primary Insurance accounting for 52% and Reinsurance 48%.

• Insurance revenue reached EUR 24.3 billion, up 3% currency-adjusted, with strong growth in Retail International and Life/Health Reinsurance.

• Operating profit (EBIT) increased 11% to EUR 3.2 billion; return on equity was 21.5%, above the target of 19%.

• Large loss payments were nearly EUR 500 million below budget, supporting improved profitability.

• Guidance for full-year net income raised to significantly above EUR 2.7 billion, driven by strong performance and a benign large loss environment.

Financial highlights

• Net income increased 9% year-over-year to EUR 1.5 billion for the half year; EPS rose to EUR 5.80.

• Insurance revenues grew 3% currency-adjusted to EUR 24.3 billion.

• Combined ratio improved to 88.7% from 90.7% year-over-year.

• Net investment income for own risk up 15% to EUR 2.8 billion; operating result (EBIT) up 11% to EUR 3.2 billion.

• Solvency 2 ratio at 246%, indicating a strong capital position.

Outlook and guidance

• Full-year net income expected to significantly exceed EUR 2.7 billion, with a projected return on equity of approximately 19%.

• Guidance assumes large losses remain within budget and no major market disruptions; will be reassessed after Q3.

• Dividend policy remains focused on steady increases, with expectations of well above EUR 4 per share.

• Mid single-digit insurance revenue growth expected for 2026.

• All divisions forecast stable or improved combined ratios and continued revenue growth, except Retail Germany.