Talanx combined ratio improves to 90.3% in 2024

(The Insurer) - Talanx on Wednesday reported a combined ratio of 90.3% for 2024, a 4.0 percentage point improvement on the prior year.

The group posted a combined ratio of 91.6% for its P&C primary insurance operations and a combined ratio of 86.6% for its P&C reinsurance operations.

The insurance service result of 5.11 billion euros ($5.57 billion) was an increase of 58.1% on 2023’s 3.23 billion euros.

Operating profit increased by 60.1% year on year to 4.91 billion euros for 2024, while net income attributable to shareholders was up 25.0% to 1.98 billion euros

The group's primary insurance operations delivered net income of 1.11 billion euros in 2024, while reinsurance produced net income of 1.17 billion.

Talanx reported total insurance revenue of 48.15 billion euros for 2024, an 11.4% increase on 2023’s 43.24 billion euros.

This included P&C primary insurance revenue of 22.91 billion euros, up 17.1% year on year, and P&C reinsurance revenue of 18.67 billion euros, up 10.9% on 2023’s figure.

Insurance revenue in the corporate and specialty division rose by 10% in 2024 to 10 billion euros. Talanx said this was due to new business and inflation-related price adjustments.

The retail international division grew insurance revenue by 31% in 2024 to 9.3 billion euros. This was driven by organic growth in Poland and the inclusion of the companies it acquired from Liberty in Latin America.

Retail international’s insurance service result of 778 million euros was up from 2023’s 426 million euros. It said this increase was assisted by operating improvements in Turkey, its Chilean motor business and positive business performance in Poland and Italy.

Talanx posted a return on equity of 17.9% in 2024, an improvement on 2023’s 16.6%.