Talanx (TLX) Q3 2026 earnings summary

Executive summary

• 9M net income rose 12% YoY to a record EUR 2,195m; all four segments delivered record results.

• Primary Insurance contributed 53% of 9M net income, versus 51% a year earlier.

• FY 2026 net income guidance rose to >EUR 2.8bn and the FY 2027 target to >EUR 3.0bn, ahead of the original >EUR 2.5bn target.

Financial highlights

• 9M gross insurance revenue increased 3% to EUR 36,982m, or 4.1% currency-adjusted; net insurance service result rose 11% to EUR 4,427m.

• EBIT increased 13% to EUR 4,640m; net income rose 12% to EUR 2,195m and EPS increased to EUR 8.50 from EUR 7.61.

• Own-risk net investment income grew 13% to EUR 3,786m; return on investment increased to 3.4% from 3.1%.

• Q3 insurance revenue increased 7% to EUR 12.73bn; EBIT rose 19% to EUR 1.46bn and net income increased 18% to EUR 696m.

Outlook and guidance

• FY 2026 targets include currency-adjusted revenue growth in the mid-single digits, net income >EUR 2.8bn and RoE slightly above 19%.

• FY 2027 net income target is >EUR 3.0bn; investment results are expected to contribute more growth than insurance service results.

• FY 2026 dividend, payable in 2027, is expected to be clearly above EUR 4; the amount will be announced with FY results on 18 March.

• Targets assume large losses within budget and no major currency or capital-market disruption; new 2027–2029 targets are due 18 March 2027.