Talanx (TLX) Q3 2026 (Media) earnings summary

Executive summary

• Record 9M net income attributable to shareholders rose 12% to €2.195bn; Primary Insurance contributed 53% of net income after minorities.

• 9M insurance revenue increased 3%, or 4.1% currency-adjusted; the 89.0% combined ratio improved 0.8 percentage points despite the fully booked large-loss budget.

• Earnings growth across divisions supported higher 2026 and 2027 profit outlooks.

Financial highlights

• 9M insurance service result rose 11% to €4.427bn and EBIT increased 13% to €4.640bn.

• Net investment income for own risk increased 13% to €3.786bn; net income rose 12% to €2.195bn and diluted EPS to €8.50 from €7.61.

• Q3 insurance revenue rose 7% to €12.726bn; EBIT increased 19% to €1.463bn and net income rose 18% to €696m.

• Net insurance financial and investment result before currency effects increased 52% to €1.508bn in 9M.

Outlook and guidance

• FY 2026 net income outlook raised to >€2.8bn from >€2.7bn; targets include mid-single-digit currency-adjusted revenue growth and ~19% RoE.

• FY 2027 net income target raised to >€3.0bn from the initial >€2.5bn target, one year ahead of schedule.

• 2026 dividend per share target is >€4.00 versus €3.60 for 2025; the initial 2027 target is also >€4.00.

• New 2027–2029 financial mid-term targets are scheduled for 18 March 2027; outlooks assume large losses remain within budgets and no major market or currency turmoil.