August 13, 2018 / 7:14 AM / 8 months ago

Talanx sees potential opportunity to buy cheap in Turkey

FRANKFURT, Aug 13 (Reuters) - Germany’s third-largest insurer Talanx sees potential to benefit from the slump of the Turkish lira and depressed market valuations, Chief Financial Officer Immo Querner said.

The developments in Turkey may give Talanx an opportunity to buy companies there at favourable conditions, he said after reporting a 5.6 percent slide in second-quarter net profit to 437 million euros ($497.74 million) on higher taxes.

Querner added that the current slide in the Turkish lira - which has lost about half of its value since the beginning of the year - cost the insurer a single-digit million euro amount in earnings.

Turkey’s Finance Minister Berat Albayrak said that authorities would start implementing an economic action plan on Monday, following Friday’s lira crash, which has spread to the Turkish stocks markets as well as global markets. ($1 = 0.8780 euros) (Reporting by Alexander Hübner Writing by Arno Schuetze Editing by Maria Sheahan)

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