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Talanx on track for ‘ambitious targets’

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Talanx net profit grew 7.8% to €235 million ($372 million) in the first quarter as its new HDI Global Specialty joint venture made its first contribution to insurance revenue.

It says the tie-up between HDI Global and Hannover Re will provide further business potential in the long run, while a new strategic focus for Talanx and an industrial lines profitability program is delivering benefits.

“We are therefore confident about the current financial year and confirm our ambitious targets,” Chairman Torsten Leue said.

“We have already achieved more than a quarter of our annual profit target in the first quarter.”

Gross written premium (GWP) grew 11% to €11.7 billion ($18.5 billion) while the combined operating ratio improved to 96.8% from 97%.

Industrial lines GWP grew 12.1% to €2 billion ($3.2 billion), buoyed by the start of HDI Global Specialty, while the combined operating ratio was 102.9%, including the effect of a value adjustment on a large loss in December.

The reinsurance division reported a decline in first-quarter large losses, which were significantly below expectations despite Queensland floods and the Eberhard winter storm in Germany.