Talanx Group, the parent of Hannover Re, has reported a record €1.964 billion in group net income for the first nine months of 2025 and is now raising its full-year forecast to over €2.4 billion.
Primary Insurance (51%) and Reinsurance (49%) contributed more or less equally to the record group net income in the period.
According to Talanx, the growth was driven by a strong operating business performance and a positive claims experience in the third quarter.
Meanwhile, the firm’s 9M 2025 insurance revenue remained stable at €36 billion, while the insurance service result rose 6% to €4 billion.
At the same time, Talanx’s 9M 2025 combined ratio improved to 89.8%, and return on equity grew to 21.5%.
Looking at the firm’s Reinsurance Division more closely, 9M 2025 insurance revenue was stable at €19.7 (19.7) million, while the insurance service result rose 12% to €2.4 billion.
The net insurance, financial and investment result before currency effects in the Reinsurance Division amounted to €363 million, down slightly from €689 million in 9M 2024, due to losses that were realised so as to make new investments at higher interest rates.
Operating profit was up 2% to €2.513 billion in the period, while the division’s contribution to group net income rose 7% to €976 million.
Concurrently, insurance revenue in the Property/Casualty Reinsurance segment in 9M 2025 was on a par with the previous year at €13.9 billion.
Large loss payments amounted to €1.2 billion, which were reportedly “comfortably within” the budget of €1.6 billion.
“The highest single loss by some distance was the forest fires in California, at €615 million. Other large losses included the earthquake in Myanmar (€91 million) and the fire in an oil refinery in Texas (€76 million),” Talanx explained.
The combined ratio in this segment improved to 86%, in line with expectations for a full-year figure of less than 88%.
The insurance service result in the segment increased by 17% to €1.7 billion in 9M 2025, while operating profit rose 8% to €1.9 billion.
Finally, insurance revenue in Talanx’s Life/Health Reinsurance segment was also stable at €5.8 billion.
At €671 million, the 9M 2025 insurance service result for the Life/Health Reinsurance segment was on a par with the previous year and is therefore on course to hit the full-year target of €875 million.
Torsten Leue, Talanx AG’s CEO, commented, “We have generated record results after nine months and have already almost reached our full-year net income for 2024. This shows that our business model, which is based on diversification, decentralisation and cost leadership, is competitive in all market phases.
“As a result, we are optimistic for the rest of the year and for 2026: we are lifting our earnings forecast for 2025 to more than €2.4 billion and are aiming in 2026 for Group net income of approximately €2.7 billion. This means we would reach and exceed our earnings target for 2027 one year earlier than forecast.”
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