FY2024 profit target above expectations

• Gross insurance revenues were up by 7% to €11.4bn for Q3 23 • Net profit attributable to shareholders rose by 88% to €452m for Q3 23 • RoE was 19.0% for Q3 23, comfortably above the target of more than 10% • Primary insurance contributed 47% to group net profit • Talanx is targeting a net profit of more than €1.7bn for FY2024 which is above the old target of €1.6bn for FY2025

Good Q2 figures, record net profit for H1 23

• Gross insurance revenues were up by 12% to €10.2bn for Q2 23 • Net profit attributable to shareholders rose by 11% to €404m for Q2 23 • RoE was 17.4% for Q2 23, comfortably above the target of more than 10% • Talanx upgraded the net profit target of around €1.4bn to exceed €1.4bn for FY2023

A good start to the FY2023

• New IFRS accounting rules with a new income statement structure from Q1 23 onwards • Gross insurance revenues were up by 6% to €10.7bn for Q1 23 • Net profit attributable to shareholders rose by 31% to €423m for Q1 23 • RoE was 18.8% for Q1 23, comfortably above the target of more than 10% • Talanx confirmed the net profit target of €1.4bn for FY2023

Preliminary profit above 2022 target range, DPS up by 25%

• Net profit was up by 16% to €1.17bn for FY2022 • Talanx released a net profit target of around €1.4bn for FY2023 • Dividend per share proposal increased from €1.60 for FY2021 to €2.00 for FY2022 • Hannover Re has been the most profitable big global reinsurance company for years and remains the backbone of Talanx

Good Q3 22 figures

• Net premiums earned rose by 21% to €11.5bn for Q3 22 compared to Q3 21 • Hurricane Ian cost €350m in Q3 22 • Net profit attributable to shareholders increased by 27% to €225m for Q3 22 • Talanx confirmed the net profit target range of between €1.05bn and €1.15bn for FY2022

Good Q2 22 figures

• Net earned premiums rose by 17% to €10.9bn for Q2 22 • €346m of bulk reserves in H1 22 related to the Ukraine situation for FY2022 • Net profit attributable to shareholders increased by 13% to €304m for Q2 22 • Talanx confirmed the net profit target range of between €1.05bn and €1.15bn for FY2022

Good start to FY2022

• Net earned premiums rose by 15% to €10.3bn for Q1 22 • €150m of bulk reserves related to the Ukraine situation for FY2022 • Net profit attributable to shareholders declined by 8% to €256m for Q1 22 • Talanx confirmed the net profit target range of between €1.05bn and €1.15bn for FY2022

Preliminary profit above 2021 target

• Net profit was up by 50% to €1.0bn for FY2021 • Talanx confirmed its net profit target range of €1.05bn to €1.15bn for FY2022 • Dividend per share proposal increased from €1.50 for FY2020 to €1.60 for FY2021 • Hannover Re has been the most profitable big global reinsurance company for years and remains the backbone of Talanx

Good Q3 figures, company guidance for FY2022 released

• Gross written premiums rose by 12% to €11.1bn for Q3 21 • High large losses of €956m for Q3 21 • Net profit attributable to shareholders decreased by 9% to €177m for Q3 21 versus Q3 20 but was clearly above consensus forecast • Talanx expects now a net profit at the upper end of the €900-950m target range for FY2021 • New profit target for FY2022, a net profit range between more than €1,050m and €1,150m

Good Q2 figures, net profit target lifted

• Net profit attributable to shareholders rose from €103m for Q2 20 to €269m for Q2 21 • Net COVID-19 expenses were down from €380m for Q2 20 to €122m for Q2 21 • Floods in Western Europe should lead to net claims of somewhat more than €300m in Q3 21 • Talanx has lifted its FY2021 outlook for net income to €900-950m range from €800-900m

Good start to FY2021

• Net profit attributable to shareholders increased by 25% to €277m for Q1 21 • Large loss expenses from the COVID-19 pandemic of €157m in Q1 21 were offset by one-off gains • Net earned premiums rose by 8% to €9.0bn • Talanx refined its outlook for group net income in FY2021 at the upper end of the €800–900m target range

Preliminary profit above reduced 2020 target

Net profit was down by 27% to €673m for FY2020 Talanx confirmed its net profit target range of €800m and €900m for 2021 Dividend per share proposal for FY2020 is unchanged at €1.50 compared to FY2019 Hannover Re has been the most profitable big global reinsurance company for years and remains the backbone of Talanx

Good Q3 figures, net profit is above consensus

• Net profit attributable to shareholders decreased by 27% to €194m for Q3 20 • Net earned premiums rose by 3% to €8.6bn for Q3 20 • Net COVID-19 expenses were €252m for Q3 20 compared to €430m for Q2 20 • New net profit targets of clearly above €600m for FY2020 and a range between more than €800m and €900m for FY2021 • Hannover Re’s stake in talanx is valued at €8.8bn, whereas talanx is valued at only €7.9bn

Solid Q2 figures but higher COVID-19 costs

• Net profit attributable to shareholders decreased by 57% to €103m for Q2 20 versus Q2 19 • Net earned premiums rose by 4% to €9.5bn for Q2 20 • Net COVID-19 expenses were €430m for Q2 20 compared to €228m for Q1 20 • Hannover Re has been the most profitable big global reinsurance company for years and remains the backbone of talanx • Hannover Re’s stake in talanx is valued €8.5bn, whereas talanx is valued at only €8.0bn

Solid start to FY2020 despite COVID-19

• Net profit attributable to shareholders decreased by 5% to €223m for Q1 20 • Net earned premiums rose by 6.5% to €8.35bn • Large loss expenses from the COVID-19 pandemic were €313m in Q1 20 • Talanx cancelled its net profit target range of €900m to €950m for 2020 two weeks ago • Hannover Re has been the most profitable big global reinsurance company for years and remains the backbone of Talanx

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

Morning Note – 18 April 2024

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Foxtons Group - FY24 underpinned by market share gains

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

Hybridan Small Cap Feast - 16/04/2024

16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

AUM up 30% in FY24, record flows, forecasts raised

AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net