HDI-Gerling Industrial Insurance’s parent Talanx has reported net profit of €311 million ($472 million) for the first half, down from €381 million ($579 million) in the corresponding period last year.

Germany-based Talanx says it is “very satisfied” with its operating business performance.

It says excluding the impairment of goodwill in its German life insurance business, amounting to €155 million ($235 million), earnings would have been €466 million ($708 million) for the half.

Operating profit improved 1% to more than €1 billion ($1.52 billion).

Gross written premium grew 12.4% to €16.8 billion ($25.5 billion) in the half-year, with premium income benefitting “from the growing international business”.

The operating business performed well despite higher claims for major losses totalling €363 million ($551 million). Major losses of €197 million ($299 million) were attributable to reinsurance, while the figure for primary insurance was €166 million ($252 million).

Losses in the first quarter were due in particular to the crash of Germanwings flight 4U9525 in March, plus storm damage and several fire losses.

The most expensive loss event was storm Niklas, which resulted in total expenses for the group of €49 million ($74.4 million).

The combined operating ratio in general insurance remained steady at 96.4%.

Based on constant exchange rates, Talanx targets gross written premium growth of 1-3% for the financial year.