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Talanx Says FY Operating Profit Up 20% To 2.4 Bln Eur
Talanx Confirms It Is Well On Track To Achieve The Mid-Term Financial Targets
Talanx 9-Month Group Net Income Up At EUR 742 Million
Talanx AG (Talanx) is a Germany-based provider of insurance and reinsurance products and services. The Company's activities are divided into five segments: Retail Germany, Retail International, Industrial Lines, Non-Life Reinsurance, and Life/Health Reinsurance. The Retail Germany segment is operated by the subsidiary Talanx Deutschland AG and manages insurance activities serving German retail and commercial customers; the Retail International segment is managed by Talanx International AG and encompasses insurance activities outside of Germany; the Industrial Lines segment is operated by HDI Global SE, which delivers insurance solutions to retail customers and industrial clients, and the reinsurance business, including the Non-Life Reinsurance and the Life/Health Reinsurance segments, is handled by Hannover Rueck SE. The Company markets its products, among others, through the Warta, Europa, Posta Biztosito and CiV Life brands. It is a majority-owned subsidiary of HDI VaG.
Chairman of the Management Board, Chief Executive Officer
Chief Executive Officer, Member of the Management Board
Deputy Chairman of the Supervisory Board, Employee Representative
Deputy Chairman of the Supervisory Board
Deputy Chairman of the Management Board
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* WE EXPECT COMBINED RATIO OF AROUND 100 PERCENT IN INDUSTRY INSURANCE BUSINESS THIS YEAR, BELOW 100 PERCENT IN 2020
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.
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.
Talanx warned that its full-year target for 850 million euros ($968 million) in net profit could become more difficult to reach if its earnings take a major hit from problems at its U.S. life reinsurance business.
A unit of Germany's Talanx AG is seeking to raise its stake in Vietnamese insurer PVI Holdings to 49 percent, PetroVietnam said on Friday, as the state-run oil and gas group seeks to divest from the insurance company.
* TALANX CEO SAYS 2018 PROFIT GOAL OF AROUND 850 MILLION EURO IS "REALISTIC"
* Storms weigh on parent Talanx's bottom line in 2017 (Adds details, background, wraps in Talanx)
* ACHIEVED GROUP NET INCOME OF AROUND EUR 670 (2016: 907) MILLION IN THE FINANCIAL YEAR 2017
* SAID ON THURSDAY THAT IT HAS SINGED AN AGREEMENT WITH HDI SIGORTA AS, A PART OF THE TALANX GROUP
* SAYS HAS AGREED TO ACQUIRE 99.4 PERCENT OF THE SHARES IN LIBERTY SIGORTA A.S., THE TURKISH NON-LIFE SUBSIDIARY OF US-BASED LIBERTY MUTUAL GROUP
* PLACED HYBRID BENCHMARK BOND WITH A VOLUME OF EUR 750 MILLION
Talanx AG has mandated NatWest Markets as structuring adviser and Commerzbank, JP Morgan, Natixis and NatWest Markets as joint bookrunners for a possible forthcoming EUR benchmark 30NC10 dated subordinated transaction.
* Achieves nine-month net income of eur 444 million despite severe impact of natural catastrophes
* Outgoing CEO to assume chairmanship of board (Adds details on current chairman, details)
The German insurer Talanx announced on Friday a change at its helm, with Torsten Leue to assume the role of chief executive from the company's long-time chief Herbert Haas next year.
* Cuts 2017 net profit target by 200 mln euros (Adds losses from hurricanes and earthquake, background)
German insurer Talanx slashed its 2017 net profit target to around 650 million euros ($756 million) from 850 million euros, citing losses from hurricanes Harvey, Irma and Maria and an earthquake in Mexico.
German insurer Talanx AG <TLXGn.DE> said on Friday it would miss its 2017 earnings guidance due to claims arising from the hurricanes that have swept through the Caribbean, little over a week after saying it could still hit the target.
* PARTIES HAVE AGREED NOT TO DISCLOSE THE PURCHASE PRICE Source text: http://www.bit.ly/1r8fvof Further company coverage: (Gdynia Newsroom)
German insurer Talanx warned it may miss its profit target for 2017 as its reinsurer Hannover Re is being hit by major claims from a series of hurricanes and an earthquake in Mexico.
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