German insurer Talanx has provisionally reported a 26.1% decline in group net income for last year, blaming huge losses from hurricanes and other natural disasters.

Preliminary figures show net income of €670 million ($1.05 billion) – which exceeds an assessment in November that earnings would be about €650 million ($1.02 billion).

Net large loss burden is about €1.6 billion ($2.5 billion), due to “exceptionally high losses” from natural catastrophes in industrial lines and reinsurance, the parent of HDI Global says.

Talanx will release its complete results on March 19.