Talanx Aktiengesellschaft: Natural catastrophes in Central and North America impact negatively on the Talanx Group with around EUR 900 million
Natural catastrophes in Central and North America impact negatively on the Talanx Group with around EUR 900 million
Hannover, 27 October 2017
The Talanx Group is currently assuming a large loss of around EUR 900 million as a result of hurricanes Harvey, Irma and Maria, and the earthquakes in Mexico. This means that after 9 months the large loss burden after reinsurance and retrocessions for the Group overall will be more than EUR 1.2 billion and already more than the budget for the entire year. In the third quarter, the Industrial Lines Division was also impacted by an unusual accumulation of claims burdens, primarily as a result of the foreign property insurance business. This is resulting in a loss in this division for the quarter after taxes amounting to around EUR 100 million. The increased investment income from realisations, particularly in reinsurance, and the gratifying improvement in German retail business partly compensate for these effects. Overall, the Talanx Group anticipates negative Group net income of around EUR 20 million for the third quarter. Talanx will present the detailed results for the first nine months as planned on 13 November 2017.
Talanx now expects Group net income of around EUR 650 million for the year 2017 as a whole. Return on equity is correspondingly likely to be around 7.5%. This forecast result is subject to the large loss burden during the fourth quarter not exceeding the large losses budgeted for one quarter. A dividend payout at least equal to the year-earlier level is assured from today's perspective.Contact: Carsten Werle Head of Investor Relations Riethorst 2 30659 Hannover Tel: +49 511 3747 2231
27-Oct-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Talanx Aktiengesellschaft Riethorst 2 30659 Hannover
Germany Phone: +49 511 3747 2227 Fax: +49 511 3747 2286 E-mail: email@example.com Internet: www.talanx.com ISIN: DE000TLX1005 WKN: TLX100 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange; Warschau End of Announcement DGAP News Service
623247 27-Oct-2017 CET/CEST