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We have adjusted our estimates ahead of 4Q 23 reporting. We make minor tweaks to tax rate and IFIE, and increase our dividend expectation for FY23 in light of strong performance for the year. We do not consider the changes to be material; our rating is unchanged.
Talanx AG
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
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
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