Talanx Group has finalised its results for last year, confirming previous figures the business released last month to investors.

The parent company of HDI Global affirmed group net profit of €673 million ($1.03 billion), a decline of 27% from 2019 while gross written premium grew 4.1% to €41.1 billion ($63.3 billion).

Pandemic-related claims cost the business about €1.5 billion ($2.3 billion), negatively impacting group earnings by €486 million ($743.4 million).

The overall burden of major losses was about €2.1 billion ($3.2 billion), much higher than in the previous year and significantly exceeding the annual budget of €1.3 billion ($2 billion). Natural disasters accounted for €658 million ($1 billion) of the major losses and COVID-linked property and casualty (P&C) claims €1.2 billion ($1.83 billion).

“Despite the global economic downturn [last year], we are growing profitably,” Talanx CEO Torsten Leue said.

“Under the adverse circumstances of this deep crisis, which is expressed in the highest major loss volume in the company's history, the very decent growth and the consolidated result are remarkable and show our resilience.

“For [this year], we trust the various vaccines with which the pandemic can be dealt with.”

Talanx has also maintained its earnings guidance for this year, projecting group net profit of €800-900 million ($1.2-1.4 billion).