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Talanx sees 4% premium growth in 2020

HDI Global parent Talanx expects continuing premium growth of about 4% in 2020 after a strong performance so far this year.

The Hanover-based company has reaffirmed guidance for full-year 2019 profit of more than €900 million ($1.45 billion) and says 2020 profit is expected to come in at €900-€950 million ($1.45-1.53 billion).

In the third quarter, the combined ratio for property and casualty (P&C) improved to 100.4%, from 102.1% a year earlier. P&C gross written premium (GWP) rose 19% to €3.81 billion ($6.14 billion).

“The property & casualty (P&C) reinsurance segment played a significant role in the growth in gross premium thanks to good results in business with solvency-easing products,” Talanx said.

For the nine months to September 30, the underwriting result for P&C Insurance was up 21% at €196 million ($315.64 million). Gross premium income in P&C rose by 1.9% to €1.3 billion ($2.09 billion).

The first-time inclusion of HDI Global Specialty in the third quarter lifted gross written premium by 63%, Talanx says. HDI Global Specialty launched this year as a joint venture between HDI Global and Hannover Re, covering business lines such as legal expenses, errors and omissions, directors’ and officers’, sports and entertainment, aviation, offshore energy and animal cover.

Talanx says its 30% upturn in gross premium in the industrial lines division “stemmed largely from HDI Global Specialty”.

Natural catastrophe losses of €454.7 million ($732.25 million) for the first nine months of 2019 included €32.9 million ($52.98 million) from the floods in Queensland earlier this year.