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Talanx exceeds profit forecast

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German insurer Talanx recorded net income of €703 million ($1.12 billion) last year, €3 million ($4.8 million) more than its forecast in October.

The 4.9% gain was driven by strong operating developments in international retail, domestic retail and reinsurance.

Gross written premium grew 5.5% to €34.9 billion ($55.6 billion).

“Alongside the pleasing development in German and international retail business, and in reinsurance, group net income was affected by the impact of exceptionally high large losses and an accumulation of frequency losses, particularly in industrial fire insurance,” Talanx says.

The group, parent to HDI Global, will release its full results next month.