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Q2 figures in line with expectations and guidance
12 Aug 16
Net attributable profit tripled from €60m for Q2 15 to €179m for Q2 16 due to a goodwill impairment of €155m on the German life business in Q2 15. Net premiums earned were up by 2.5% to €6.5bn for Q2 16 compared to Q2 15. The net investment result declined by 10% to €940m for Q2 16. Insurance claims were up by 1% to €5.3bn in Q2 16. The group’s net combined ratio of the non-life business increased from 96.2% for Q2 15 to 97.3% for Q2 16. Pre-tax profit was up by 39% to €455m for Q2 16 compared to the same period last year. Equity capital attributable to common shares rose by 4.5% to €8.65bn at the end of June 2016 compared to the end of 2015 due to higher unrealised gains. RoE was 8.4% for Q2 16 versus 2.8% for Q2 15. Talanx confirmed its net attributable profit target for FY2016 of €750m. The Solvency II stood at 171% at the end of 2015.
Solid start to 2016
13 May 16
Net attributable profit decreased by 12% to €222m for Q1 16 compared to Q1 15 which benefited from a special effect of €19m net. Net premiums earned were down by 1.5% to €6.3bn for Q1 16 compared to the same period last year. The net investment result rose by 3% to €1.02bn for Q1 16. RoI was around 3.7% for Q1 16 compared to 3.6% in Q1 15. Insurance claims declined by 2.2% to €5.2bn in Q1 16 compared to Q1 15. Group net combined ratio of the non-life business was 96.3% for Q1 16 compared to 96.5% for Q1 15. Pre-tax profit decreased by 10% to €536m for Q1 16. RoE after tax was 10.6% for Q1 16 compared to 12.0% for Q1 15. Equity capital attributable to common shares increased by 3% to €8.5bn at the end of March 2016 compared to the end of 2015. Talanx confirmed its net attributable profit target for FY2016 of €750m. The Solvency II stood at 171% at the end of 2015.
Good FY2015 figures and a slightly increased dividend proposal
21 Mar 16
Net attributable profit decreased by 5% to €734m for FY2015 compared to FY2014. Net premiums earned rose by 9% to €25.9bn for 2015 compared to 2014 and were up by around 4.5% at constant currency. The net investment result was down by 5% to €3.9bn for 2015. RoI was around 3.6% for 2015 compared to 4.1% in 2014 which benefited from the sale of a Swiss Life stake. Insurance claims were up by 7% to €21.44bn in 2015 compared to 2014. Group net combined ratio of the non-life business declined from 97.9% for 2014 to 96.0% for 2015. Operating profit before goodwill impairments increased by 24% to €2.34bn for FY2015. A goodwill impairment of €155m on the German life business (Q2 15) burdened the 2015 result. Pre-tax profit rose by 18% to €2.0bn for 2015. The tax ratio was 28% for FY2015 compared to 18% for 2014 which benefited from a tax-free disposal gain and the release of provisions for deferred taxes. Equity capital attributable to common shares increased by 3.6% to €8.3bn at the end of 2015 compared to the end of 2014. RoE was 9.0% for FY2015 compared to 10.2% for FY2014. The dividend proposal increased from €1.25 per share for FY2014 to €1.30 per share for FY2015. Talanx increased the net profit target from more than €700m to around €750m for FY2016. The capital resources of the Talanx Group in accordance with Solvency I stood at 219% at the end of 2015 compared to 228% at the end of 2014.
Solid Q3 figures and new disappointing FY2016 target
12 Nov 15
Net attributable profit increased by 19% to €177m for Q3 15 compared to Q3 14. Net premiums earned rose by 11.5% to €6.5bn for Q3 15 compared to the same period last year. The net investment result was down by 9% to €952m for Q3 15. RoI was around 3.3% for Q3 15 compared to 4.0% in Q3 14. Insurance claims were up by 9.5% to €5.4bn in Q3 15 compared to Q3 14. Group net combined ratio of the non-life business was 98.0% for Q3 15 compared to 100.0% for Q3 14. Pre-tax profit rose by 15% to €455m for Q3 15. Equity capital attributable to common shares increased by 1% to €8.1bn at the end of September 2015 compared to the end of 2014. Talanx released a net profit target for FY2016 for the first time. It is looking to generate group net attributable profit of more than €700m for FY2016. The capital resources of the Talanx Group in accordance with Solvency I stood at 227.5% compared to 228.2% at the end of 2014.
Good Q2 figures burdened by impairments
12 Aug 15
Net attributable profit decreased from €165m for Q2 14 to €60m for Q2 15 due to a goodwill impairment of €155m on the German life business. Gross written premiums were up by 13% to €6.6bn for Q2 15 compared to Q2 14. The net investment result rose by 11% to €1.04bn for Q2 15. Insurance claims were up by 16% to €5.3bn in Q2 15. The group's net combined ratio of the non-life business decreased from 98.4% for Q2 14 to 96.2% for Q2 15. Equity capital attributable to common shares was flat at €8.0bn at the end of June 2015 compared to the end of 2014. Group solvency was therefore 223.5% at the end of Q2 15 compared to 228% at the end of 2014. RoE was 2.8% for Q2 15 versus 8.7% for Q2 14.
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Highly concentrated portfolio, strong performance
26 Oct 16
Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 6.9% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.
21 Oct 16
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Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.