Talanx Group, which includes Hannover Re and HDI Global, has reported a 25% rise in full-year net income to €1.977 billion ($3.4 billion) as all divisions contributed to growth.

CEO Torsten Leue says the German company exceeded its targets for last year, enhanced its resilience in a challenging market and increased diversification.

“Our group net income rose at more than twice the rate of our insurance revenue, while our primary insurance now contributes almost half of our group net income,” he said. “We also diversified our reinsurance protection in 2024 with our first catastrophe bond.”

Insurance revenue rose 11% to €48.1 billion ($82.7 billion) and the combined operating ratio improved to 90.3% from 94.3%.

Large loss payments totalled €2.2 billion ($3.8 billion), about €200 million ($344 million) below budget despite a number of major events.

Man-made losses amounted to €588 million ($1 billion) and large loss payments for natural disasters totalled €1.6 billion ($2.8 billion).

Hurricane Milton produced the largest single loss. Other large losses included floods in eastern Europe and Brazil, and Hurricane Helene.

Primary insurance increased its share of group net income to 49% from 46%, benefiting from positive performance by the corporate and specialty and retail international businesses.

The company is targeting group net income this year of €2.1 billion ($3.6 billion).