Hannover Re and HDI parent firm Talanx Group are bucking the trend, as it releases positive preliminary numbers for the past financial year.
In an update, Talanx said it generated “solid group net income” in 2020, based on unaudited consolidated figures. Despite COVID-19 claims expenses amounting to €1.5 billion, the insurance group managed to post a net income of €673 million (around SG$1.080 billion) for what was a very challenging year.
Operating profit, meanwhile, stood at €1.7 billion. While net income and operating profit both went down compared to how the company fared in 2019, Talanx performed relatively well during the latest 12-month period which saw much of its peers posting losses.
The group’s gross written premium, in fact, grew 4.1% to €41.1 billion. As for the expenses related to coronavirus claims, Talanx said they were incurred in the industrial insurance and reinsurance and retail Germany divisions.
“For financial year 2021, the Talanx Group is maintaining its expectation of group net income in the range of between €800 and €900 million, despite the ongoing coronavirus crisis,” noted the firm, which will publish its final financial figures and full consolidated 2020 financial statements next month.