Talanx has reported group net income of €1.9bn in 2024, a 25% surge from the previous year, following strong performance in all divisions.
This “clearly exceeded the target originally set for 2025”, the German reinsurer said in a statement.
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The company’s operating profit stood at €4.9bn for the year, an increase of 60% from €3.1bn in 2023.
The combined ratio for property/casualty primary insurance and property/casualty reinsurance improved to 90.3% in 2024 from 94.3% in the prior year.
The Primary Insurance division increased its share of Group net income to 49%, with the Corporate & Specialty and Retail International businesses performing particularly well.
Overall, insurance revenue climbed by 11% to €48.1bn in 2024, from €43.2bn a year earlier.
In the Corporate & Specialty Division, insurance revenue grew by 10% during the year to €10bn, marking the division’s “first-ever double-digit billion amount”.
The Retail International Division saw a 31% jump in insurance revenue to €9.3bn, driven by organic growth, particularly in Poland, and the inclusion of companies in Latin America acquired from Liberty.
The Retail Germany Division posted a 2% rise in insurance revenue to €3.6bn.
Meanwhile, the Reinsurance division reported an 8% increase in insurance revenue to €26.4bn, with property/casualty reinsurance a key driver.
At the company’s annual general meeting, the board of management and supervisory board of the company will propose a dividend hike of $0.35 to €2.70 per share.
The company also highlighted “large loss payments” for natural disasters of €1.6bn and €588m in man-made losses, with Hurricane Milton in the US being the largest single loss incurred by the group.
Talanx CEO Torsten Leue said: “In 2024, we not only exceeded our targets and further increased our resilience in a challenging market environment but also drove forward our diversification: Our Group net income rose at more than twice the rate of our insurance revenue, while our Primary Insurance now contributes almost half of our Group net income. We also diversified our reinsurance protection in 2024 with our first catastrophe bond.”
For this year, Talanx projects group net income of more than €2.1bn.
