October 15, 2018 / 6:00 PM / a month ago

Talanx Q3 profit hit by industrial property insurance losses

FRANKFURT, Oct 15 (Reuters) - German insurer Talanx suffered an unusual spike in industrial property insurance losses in the third quarter, weighing on earnings this year, it said on Monday.

The third-quarter loss before taxes in the Industrial Lines Division will be more than 100 million euros ($116 million), it said.

Talanx added it now expected 2018 group net income of around 700 million euros, down from a previous target of around 850 million euros, but that 2019 net income would again rise to about 900 million.

The company is due to release detailed nine-month results on Nov. 12.

$1 = 0.8639 euros Reporting by Ludwig Burger; Editing by Mark Potter

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