DGAP-Adhoc: Talanx Aktiengesellschaft: Natural catastrophes in Central and North America impact negatively on the Talanx Group with around EUR 900 million

2017. október 27., péntek, 07:35





DGAP-Ad-hoc: Talanx Aktiengesellschaft / Key word(s): Profit Warning


Talanx Aktiengesellschaft: Natural catastrophes in Central and North America impact negatively on the Talanx Group with around EUR 900 million


27-Oct-2017 / 07:35 CET/CEST


Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG.


The issuer is solely responsible for the content of this announcement.




Natural catastrophes in Central and North America impact negatively on the Talanx Group with around EUR 900 million



Hannover, 27 October 2017



The Talanx Group is currently assuming a large loss of around EUR 900 million as a result of hurricanes Harvey, Irma and Maria, and the earthquakes in Mexico. This means that after 9 months the large loss burden after reinsurance and retrocessions for the Group overall will be more than EUR 1.2 billion and already more than the budget for the entire year. In the third quarter, the Industrial Lines Division was also impacted by an unusual accumulation of claims burdens, primarily as a result of the foreign property insurance business. This is resulting in a loss in this division for the quarter after taxes amounting to around EUR 100 million. The increased investment income from realisations, particularly in reinsurance, and the gratifying improvement in German retail business partly compensate for these effects. Overall, the Talanx Group anticipates negative Group net income of around EUR 20 million for the third quarter. Talanx will present the detailed results for the first nine months as planned on 13 November 2017.



Talanx now expects Group net income of around EUR 650 million for the year 2017 as a whole. Return on equity is correspondingly likely to be around 7.5%. This forecast result is subject to the large loss burden during the fourth quarter not exceeding the large losses budgeted for one quarter. A dividend payout at least equal to the year-earlier level is assured from today"s perspective.






Contact:

Carsten Werle

Head of Investor Relations

Riethorst 2

30659 Hannover

Tel: +49 511 3747 2231








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Language: English
Company: Talanx Aktiengesellschaft

Riethorst 2

30659 Hannover

Germany
Phone: +49 511 3747 2227
Fax: +49 511 3747 2286
E-mail: ir@talanx.com
Internet: www.talanx.com
ISIN: DE000TLX1005
WKN: TLX100
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange; Warschau





 
End of Announcement DGAP News Service




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