At a glance
- For allocators weighing the durability of insurance earnings, the line to discount is the investment result, which rose 52% to €1.5 billion and includes realized gains on asset sales that will not recur.
- The group combined ratio improved to 89.0% from 89.8%.
- The Colombia earthquake, which Private Wealth Daily reported in August, was the costliest single event of the nine months for the group, at €270 million.
Talanx's nine-month group net income rose 12% to a record €2.195 billion, with large losses about €750 million below the pro rata budget, according to Insurance Business America's account of the third-quarter results.
For allocators weighing the durability of insurance earnings, the line to discount is the investment result, which rose 52% to €1.5 billion and includes realized gains on asset sales that will not recur. The increase also partly reflects the structural shift into higher-yield assets made in prior years. The €750 million large-loss undershoot reflects favorable loss experience this year.
The group combined ratio improved to 89.0% from 89.8%. Corporate and specialty, the division that houses HDI Global, improved its nine-month combined ratio to 90.3% from 91.6% on stable revenue of €7.6 billion. The division's net income contribution rose 11% to €455 million.
Net income rose 12%, but the investment result jumped 52%
Nine-month 2026 results: group net income, net investment result, large-loss headroom, combined ratio
Three large losses and €750 million of headroom
| Loss event | Group share | P&C reinsurance share |
|---|---|---|
| Colombia earthquake | €270 million | €216 million |
| Atlantic storms, Iberian peninsula and Morocco | €137 million | €136 million |
| Winter Storm Fern, US and Canada | €109 million | €108 million |
The Colombia earthquake, which Private Wealth Daily reported in August, was the costliest single event of the nine months for the group, at €270 million. It was one of three local disasters splitting the soft reinsurance market. The group's €137 million share of the Atlantic storms, Iberian peninsula and Morocco event was €1 million more than the P&C reinsurance share, leaving almost all of that loss with the reinsurer.
Talanx lifted its full-year 2026 net income forecast to more than €2.8 billion and reported a Solvency II ratio of 241%. Chief executive Torsten Leue said if large losses stay substantially below expectation through year-end, the group intends to strengthen its balance sheet further.
Reported by The Wrap desk from Insurance Business America. Published . Corrections