The German insurer TALANX said its nine-months EBIT improved by 33% to about EUR 1.5 billion (vs. EUR 1.1 billion at the end of September 2017), while the Group net income was up by 10% to EUR 488 million.
The company said, at a Group-wide level, gross written premiums rose by 7.3% to EUR 27.1 billion vs. EUR 25.2 billion a year before. All divisions except Industrial Lines contributed to this development. In Industrial Lines, multiple large losses and the unusually high amount of frequency losses in the third quarter led to a quarterly loss of the division, as the Hannover-based insurer announced in a statement.
“Despite the unsatisfactory performance in the Industrial Lines Division, especially in the third quarter, we have nevertheless achieved a higher nine-month result compared to the previous year of EUR 488 million and we anticipate Group net income of around EUR 700 million for the year as a whole”, said Torsten LEUE, Chairman of the Board of Management at Talanx AG.
TALANX is anticipating Group net income to improve significantly to around EUR 900 million in the 2019 financial year.