15th March 2023 - Author: Kane Wells
Talanx Group, nan genitor institution of Hannover Re, has reported a emergence successful group nett income to €1.17bn for nan afloat twelvemonth 2022 contempt full ample losses from earthy disasters of €1.5bn, nan highest measurement successful nan history of nan firm.
Talanx states that its superior security cognition (encompassing nan Industrial Lines, Retail Germany and Retail International divisions) contributed importantly to this beardown business performance, lifting its stock of group nett income year-on-year to €541 million.
The firm’s gross premiums written successful 2022 roseate 17.4% to €53.4 billion, while nett finance income stood astatine €3.7 billion, down from €4.7 billion, which Talanx says was driven by little nett gains connected disposals. Meanwhile, operating profit roseate 37.4% to €3.4 billion.
Large nonaccomplishment claims for nan group totalled €2.18 billion, good supra nan €1.8 cardinal ample nonaccomplishment fund for nan afloat twelvemonth 2022. The patient attributed this to earthy disasters and reserves booked for Russia’s warfare against Ukraine.
The mixed ratio for nan full group successful 2022 was 98.9%, up from 97.7% successful 2021, which Talanx besides attributes to nan aforementioned headwinds.
The reinsurance section saw double-digit maturation successful 2022, pinch a emergence of 19.9% to €33.3 billion. However, higher claims for ample losses impacted nan section overall.
Talanx reported that nan astir important ample losses successful nan Property/Casualty (P&C) reinsurance conception successful 2022 related to Hurricane Ian (€322 million), nan floods successful Australia (€233 million) and nan February storms successful Europe (€107 million).
Further, nan COVID-19 pandemic still had a awesome effect connected nan Life/Health reinsurance segment, its magnitude steadily declined passim nan year.
All successful all, operating profit was €2.5 billion, up from 1.7 cardinal successful 2022, while nan reinsurance division’s publication to group nett income roseate to €707 million.
Commenting connected nan results, Torsten Leue, Chairman of Talanx AG’s Board of Management, said, “We grew profitably successful a powerfully changed marketplace environment, accrued our very beardown net moreover further, and proved our resilience.
“Net income astatine some our superior security and our reinsurance operations improved, driven substantially by our world business. Foreign premium income now accounts for 83% of nan full gross written premiums – 3 percent points much than successful nan erstwhile year.”
Leue continued, “Our chopped strategy, which is based connected our decentralised, entrepreneurial structures and civilization of spot arsenic good arsenic our wide diversification are paying disconnected yet again.
“This is besides demonstrated by nan truth that we exceeded each our eager financial goals for nan play to 2022.
“Consequently, we are optimistic astir our prospects contempt a challenging marketplace situation and are pursuing our demanding goals for nan play to 2025 pinch awesome confidence.”
In related news, Hannover Re precocious announced a emergence successful nett income for nan afloat twelvemonth 2022, though nan firm’s P&C mixed ratio deteriorated to 99.8% arsenic ample nonaccomplishment expenditure exceeded expectations for nan sixth consecutive year.