Talanx Group has posted a significant 25% year-on-year (YoY) increase in net income for the fiscal year 2024, reaching $2.16 billion (€1.98 billion). This growth is more than double the rise in insurance revenue, which increased 11% YoY to $52.43 billion (€48.1 billion).
The company’s operating profit (EBIT) surged to $5.34 billion (€4.9 billion), with return on equity improving to 17.9%. All divisions contributed to the profit growth, with Primary Insurance accounting for 49% of the group’s net income, up from 46% in 2023.
In a sign of confidence, Talanx’s Board of Management has proposed a dividend increase of $0.38 (€0.35), bringing the proposed dividend to $2.94 (€2.70) per share.
Growth Across Divisions
Talanx’s Corporate & Specialty division saw a 10% increase in insurance revenue, reaching $10.9 billion (€10.0 billion). This marks the first time the division has surpassed the double-digit billion mark. EBIT for the division rose to $765.18 million (€702 million), with net income contribution increasing to $546.09 million (€501 million).
Meanwhile, the Reinsurance division posted an 8% increase in revenue, reaching $28.78 billion (€26.4 billion), driven by Property/Casualty Reinsurance. EBIT for the division climbed to $3.59 billion (€3.3 billion), with net income contribution growing 28% YoY to $1.27 billion (€1.17 billion). Despite several major claims, including those related to Hurricane “Milton” ($316.1 million/€290 million), Eastern European floods, and unrest in New Caledonia, large loss payments remained below budget at $1.78 billion (€1.63 billion).
Sustainability and Future Outlook
Talanx has also made notable strides in its sustainability efforts. The company raised its 2030 greenhouse gas intensity reduction target to 55%, up from 30%, and increased its sustainable investments to $15.26 billion (€14 billion) in 2024.
Looking ahead, Talanx expects net income for 2025 to exceed $2.29 billion (€2.1 billion), keeping it on track to meet its 2027 target of $2.73 billion (€2.5 billion). The company also projects a further increase in dividends to $4.36 (€4.00) per share.
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