Talanx made a record quarterly net income of €774 million ($1.25 billion) in the three months to March, up 28% year on year.

All divisions increased net income, and the group notes the previous corresponding period was affected by unusually high losses due to the 2025 California wildfires.

The company, parent of HDI Global, reported a €19 million ($30 million) loss from Australian bushfires.

Talanx’s combined operating ratio improved to 88.7% from 92.8% in the December quarter.

Insurance revenue in corporate and specialty was in line with the previous year amid currency effects and “more cautious underwriting of new business”.

The group, which also includes Hannover Re, reported insurance revenue of €6.5 billion ($10.5 billion) from its reinsurance division. The division’s contribution to net profit rose 50% to €359 million ($579 million), with fewer large losses in the period.

The group is on track to meet its full-year profit target of €2.7 billion ($4.4 billion), chairman Torsten Leue says.