TALANX AG Talanx:
Sustainable profitability
Deutsches Eigenkapitalforum | 25 November 2024
Christian Hermelingmeier, CFO Corporate & Specialty
Primary Insurance rising to new valuation levels
Development of market | Implied primary valuation |
capitalisation | |
In EURbn | In EURbn | |||||
22 | ||||||
20.41 | ||||||
20 | ||||||
+82% | ||||||
18 | 5.8 | |||||
16 | ||||||
14 | ||||||
11.2 | ||||||
12 | ||||||
14.6 | ||||||
10 | 0.41 | |||||
8 | ||||||
2018 | ||||||
30 Dec 2022 | 15 Nov 2024 | |||||
…
3.6
x14
2022
5.8
…
15 Nov
2024
Source: FactSet | Note: Primary Insurance is here defined as Talanx market cap minus half of Hannover Re market cap.
1 Market capitalisation as of 15th November 2024 | 2 Implied valuation of Primary Insurance = EUR 5.8bn (based on Hannover Re market capitalisation of EUR 29.0 bn as of 15th November 2024)
2 Deutsches Eigenkapitalforum | 25 November 2025
Agenda
1 Talanx at a glance
2 Highlights from 9M 2024 results / Outlook
3 Primary segments / Deep Dive Industrial Lines
4 Appendix
3 Deutsches Eigenkapitalforum | 25 November 2025
1 Talanx brings a history of 120 years to the table …
Talanx IPO
Gerling | |||||||||||||
acquisition | |||||||||||||
Hannover Re | |||||||||||||
IPO | 2012 | ||||||||||||
Foundation | Foundation | ||||||||||||
Entry retail | reinsurance | 2006 | |||||||||||
as a liability | |||||||||||||
& fire | business | 1994 | |||||||||||
mutual | |||||||||||||
1966
1953
1903
2023
EUR 1.6bn net income
4 | Deutsches Eigenkapitalforum | 25 November 2025 |
1 Talanx operates a multi-brand business with 4 segments and …
No. 6
insurance provider in Europe1
Corporate & | Retail | Retail | Reinsurance |
Specialty | Germany | International |
~75%
in hard B2B markets
More than
175 countries
~ 29,000
employees worldwide
1 Based on insurance revenue; source: company publications, as of 3 April 2024
5 | Deutsches Eigenkapitalforum | 25 November 2025 |
1 … and a well-diversified business with a strong B2B focus
Insurance revenue mix (2023)
Diversification | Type of business |
Germany
Retail2
Rest of World ~85 % | B2B1 | ~75 % |
~85 % outside Germany | ~75 % in hard B2B1 markets |
Note: Percentages are calculated in percent of Group insurance revenue, adjusted for Corporate Operations and Consolidation
1 B2B: Corporate & Specialty (~20%) and Reinsurance (~55%) | 2 Retail: Retail International (~17%) and Retail Germany (~8%)
6 Deutsches Eigenkapitalforum | 25 November 2025
1 Well-balanced business with a low risk profile
Underwriting | Investments | Solvency | Ratings |
Insurance revenue, 2023, in EURbn | Investment portfolio as of 30 Sep 2024, in EURbn | Solvency 2 CAR for HDI Group as of 30 Sep 20241 | Insurer financial strength rating (Talanx Primary Group) |
LatAm | Debt | |||
instruments | ||||
10% | APAC | |||
North | 13% | 82% | ||
America | Others | |||
29% | 43 | 1% | 143 | |
EURbn | EURbn | |||
31% | ||||
15% | Rest of | 1% | 17% | |
Europe | Others | |||
Germany | Equities |
Strong | Low |
diversification | investment risk |
A+ | |
(outlook: stable) | |
220% | A+ |
(outlook: stable) |
SolidStrong
capitalisationratings
1 Solvency 2 ratio of HDI Group as the regulated entity, as of period end excluding transitional measures. Due to a recalculation of the transitional measures, the Solvency 2 ratio including transitional measures as of 30 Sep 2024 is also 220%. After deduction for the expected full financial year 2024 dividend to be paid in 2025
7 Deutsches Eigenkapitalforum | 25 November 2025
Agenda
1 Talanx at a glance
2 Highlights from 9M 2024 results / Outlook
3 Primary segments / Deep Dive Industrial Lines
4 Appendix
8 Deutsches Eigenkapitalforum | 25 November 2025
2 Bottom line growing twice as fast as top line
Top line | Bottom line | Profitability |
Revenue growth | Earnings growth | Return on equity |
9M 2024 vs 9M 2023 | Net income 9M 2024 vs 9M 2023 |
+12%1 | +24% | 19.4% |
(+1.0%pts. vs 9M 2023) |
1 Currency-adjusted:13%
9 Deutsches Eigenkapitalforum | 25 November 2025
2 Primary Insurance is the key top-line driver
Primary Insurance | Reinsurance | Group |
Insurance revenue, in EURm
+20%1 | |
16,9352 | |
~1,700 | |
14.132 | +8% |
organic | |
9M 2023 | 9M 2024 |
+6%3 | |
18.514 | 19.701 |
9M 2023 | 9M 2024 |
+12%4 | |
32.274 | 36.000 |
9M 2023 | 9M 2024 |
Note: Primary Insurance is the sum of Corporate & Specialty, Retail Germany and Retail International.
1 Currency-adjusted: +23% | 2 Thereof ~ EUR 1.7bn from acquisitions | 3 Currency-adjusted: +7% | 4 Currency-adjusted: +13%
10 Deutsches Eigenkapitalforum | 25 November 2025
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Disclaimer
Talanx AG published this content on November 25, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 25, 2024 at 08:02:07.473.
