Talanx, the parent company of HDI Global, says net income last year jumped to a record €1.58 billion ($2.61 billion) as all divisions reported earnings growth.

The German group, which will release its full results on March 21, says large loss payments remained well within budget and insurance revenue increased to €43.2 billion ($71.3 billion).

The preliminary unaudited figures show a return on equity of 16.6%, exceeding the strategic target of 10%.

A year ago, Talanx forecast net income of €1.4 billion ($2.3 billion), then raised the estimate to “significantly more” than €1.5 billion ($2.5 billion) following a strong first three quarters.

The company has confirmed its outlook for net income of more than €1.7 billion ($2.82 billion) this year, which would beat its €1.6 billion ($2.64 billion) target a year earlier than planned.

The Talanx group also includes reinsurer Hannover Re.