German insurer Talanx achieved record net income of €923 million ($1.51 billion) last year, up almost a third from a year earlier and fulfilling the company’s ambitious guidance.

Gross written premium (GWP) grew 13% to €39.5 billion ($64.5 billion) while earnings before interest and tax (EBIT) jumped by a fifth to €2.4 billion ($3.92 billion).

Talanx says it’s pleased with the performance in all four of its divisions, especially Industrial Lines and Reinsurance. The combined ratio for the Industrial Lines division was in line with guidance at 101%, contracting from 109.1% last year. The proportion of net income from primary insurance rose overall, with an “extremely strong performance” from the group’s reinsurance operations.

The group, which is parent to HDI Global, will release its fully audited results next month and has forecast 2020 net income in the range of €900-950 million ($1.47-1.55 billion).