Talanx : 03.12.2025 – Berenberg European Conference

Talanx: Sus tainable profitability

Berenberg European Conference Fairmont Windsor Park, 3 December 2025

Edgar Puls

CEO Corporate & Specialty

Agenda

1

Talanx at a glance

2

Highlights from 9M results 2025

3

4

Primary segments / Deep dive Corporate Specialty Group Outlook

5

Appendix

1 2 3 4 5 Talanx at a glance

Talanx brings a history of 120 years to the table …

Foundation as a liability & fire mutual

Entry retail business

Foundation reinsurance

IPO

1994

Gerling

acquisition

2006

IPO

2012

Liberty acquisition

2023

2024

EUR 2bn

net income

1903

1953 1966

1 2 3 4 5 Talanx at a glance

Retail

International

Retail Germany

Primary Insurance

100%

100%

100%

… and operates a multi-brand insurance business with 4 segments

Corporate & Specialty

Reinsurance

50.2%

1 2 3 4 5 Talanx at a glance

A well-balanced business with a low risk profile …

Underwriting Investments Solvency Ratings

Insurance revenue, 2024, in EURbn Investment portfolio as of 30 September 2025, in EURbn Solvency 2 CAR for HDI Group as of 30 September 20251 Insurer financial strength rating (Talanx Primary Group)

North America

27%

LatAm

13%

48

EURbn

15%

APAC

11%

Others

1%

32%

Rest of Europe

Debt

instruments

83%

143

EURbn

1%

16%

Others

233% AA-

(outlook: stable)

A+

(outlook: stable)

Germany

Equities

Strong

diversification

Low

investment risk

Solid

capitalisation

Strong

ratings

1 Solvency 2 ratio of HDI Group as the regulated entity. After full deduction of the expected dividend for financial year 2025 to be paid in 2026 and calculated according to internal model; regulatory S2 ratio based on Article 230 (2) of Directive

2009/138/EC was 220% per 30 September 2025

1 2 3 4 5 Talanx at a glance

Distinct Talanx business model

Diversification

P/C focus

51%

Net income contribution Primary

> 80%

P/C revenues

Cost leadership

Resiliency

93% EUR 4.7bn

of portfolio1 Resiliency2

Note: All numbers relate to 9M2025 unless otherwise stated | 1 Net income contribution of segments with cost advantage in 2024 | 2 Resiliency embedded in best estimate for P/C net claims reserves, as of 31 December 2024

1 2 3 4 5 Talanx at a glance

Diversification at work

Primary Insurance contribution to group Net income split well diversified

net income after minorities net income after minorities, 9M 2025

Corporate & Specialty

21%

51%

31%

Retail International

24%

49%

Reinsurance

2018 9M 2025

6%

Retail Germany

Note: Primary Insurance is the sum of Corporate & Specialty, Retail International and Retail Germany; percentages are calculated in percent of Group net income adjusted for Group Operations and Consolidation

1 2 3 4 5 Talanx at a glance

Primary Insurance: Focused P&C player

2024, insurance revenue in %

11%

89%

Life P&C

Note: Numbers may not add up due to rounding differences. Primary Insurance is the sum of Corporate & Specialty, Retail International and Retail Germany

1 2 3 4 5 Talanx at a glance

Cost leadership allows to exploit growth opportunities

Cost leadership

for 93% of the portfolio

Retail

International

Corporate &

Specialty

Retail

Germany

7%

Reinsurance

Net income contribution FY 2024 for segments with cost advantage

Net income contribution FY 2024 for segments with no cost advantage

Cost benchmarking

Administration expense ratio in %, 2024, IFRS 17 Total expense ratio in%, 2024, IFRS 17 Administration expense ratio in %, 2024, IFRS 17

Reinsurance

Corporate & Specialty

Retail International

-3.8%pts

7.0

3.2

-7.1%pts

23.6

16.5

-5.2%pts

18.6

13.4

Peer Ø

Peer-Ø

Peer Ø

Definitions: Corporate & Specialty: Total expense ratio given that peers do not report split into acquisition and admin expenses. Retail International Poland reflects Warta only. Brazil excludes Liberty | Corporate & Specialty peers: Allianz (AGCS), AXA XL, Zurich (Commercial), QBE. Hannover Re peers: Munich Re (only reinsurance), Swiss Re (only reinsurance), Everest Re (only P&C), RGA (only L&H) and SCOR. Retail International peers: Poland: PZU, Uniqa, Allianz, Munich Re, VIG. - Türkiye: AK Sigorta, Anadolu Sigorta, Allianz, Sompo. - Brazil: Mapfre, Allianz. Tokio Marine Seguradora, Bradesco Seguros, Porto Seguro. - Chile: Mapfre, CHUBB. - Mexico: Mapfre, AXA, GNP, CHUBB, Seguros Atlas, Qualitas.

1 2 3 4 5 Talanx at a glance

Resiliency building to support low-volatility earnings growth

Primary Insurance2 Reinsurance Group3

Resiliency embedded in best estimate1, as of year end in EURm

= in % of total P/C reserves, without consideration of discounting

+ 67%

+ 83%

+ 76%

1,943

2,523

4,692

1,542

1,161

7.4%

8.8%

9.7%

2,057

1,378

3.6%

5.0%

5.5%

3,704

2,643

4.9%

6.3%

7.1%

2022 2023 2024

2022 2023 2024

2022 2023 2024

1 Resiliency embedded in best estimate defined as the difference between booked P/C net reserves before taxes and minorities (based on Talanx' own best estimates) and WTW analysis, without consideration of discounting. WTW calculation based on data provided by Talanx. 2023 and 2024 figures are based on IFRS 17 without considering discounting to enable comparability with IFRS 4 figures of previous years. Further details on the WTW review can be found on page 33 |

2 "Primary Insurance" is the sum of Corporate & Specialty, Retail International and Retail Germany, excluding Talanx AG | 3 "Group" is the sum of Hannover Re, Talanx Primary Group, and Talanx AG (not consolidated)