Talanx Ag · XETR:TLX
Talanx — 6M 2025 Earnings Presentation
27 slides from Talanx's earnings presentation, Aug 14, 2025
Slide 1: 6M 2025 Results
6M 2025 Results Jan Wicke, CFO Hannover, 14 August 2025
Slide 2: EUR 1,373m half-year profit gives confidence to raise 2025 outlook
EUR 1,373m half-year profit gives confidence to raise 2025 outlook Strong technical Record result Improved performance outlook 90.7% EUR 1,373m EUR ~2,300m -0.5%pts. vs. 6M 2024 + 26% vs. 6M 2024 previous outlook: EUR >2,100m Combined ratio Net income Net income FY 2025 (net/gross) Note: Targets are
Slide 3: Diversification at work
Diversification at work Primary Insurance contribution to group Net income split well diversified net income after minorities net income after minorities, 6M 2025 Corporate & Specialty 20% 51% 48% 49% Reinsurance 25% Retail International 6% 6M 2024 6M 2025 Retail Germany Note: Primary Insurance is t
Slide 4: Agenda
Agenda 1 Group financials 2 Segments 3 Outlook 4 Appendix 4 6M 2025 Results | 14 August 2025
Slide 5: Very strong bottom line at record level
1 2 3 4 Group financials Very strong bottom line at record level Insurance revenue Group net income Return on equity in EURm in EURm +2%1 +26% +3.1% pts. 23,606 24,181 1,373 23.4% 1,090 20.3% Q2 11,886 11,818 770 514 Q1 6M 2024 6M 2025 6M 2024 6M 2025 6M 2024 6M 2025 Strong profitability used for Ro
Slide 6: Primary Insurance drives improved insurance service result
1 2 3 4 Group financials Primary Insurance drives improved insurance service result Primary Insurance Reinsurance Group Insurance service result (net), in EURm Insurance service result (net), in EURm Insurance service result (net), in EURm +14% +1% +11% 2,564 2,320 1,411 1,420 1,097 958 92.4% 91.2%
Slide 7: Large losses with around EUR 140m buffer resulting from Primary Insurance
1 2 3 4 Group financials Large losses with around EUR 140m buffer resulting from Primary Insurance Net large losses in EURm Man-made NatCat Q1 2025 total TOP 3 large losses 1,273 6.3% Wildfire Los Angeles EUR 624m 1,134 Earthquake Myanmar EUR 59m 1392 Tornadoes, hail USA EUR 50m 5.6% 750 369 881 3.8
Slide 8: Strong Solvency ratio allowed repayment of EUR 500m subordinated debt
1 2 3 4 Group financials Strong Solvency 2 ratio allowed repayment of EUR 500m subordinated debt1 Solvency 2 ratios Ratings BOFCAR2 259% 209% 215% 228% 229% 224% AA- (stable) Target range 150 – 200% A+ (stable) 31 Dec 31 Dec 31 Dec 31 Mar 30 Jun 2022 2023 2024 2025 2025 Note: Insurer Financial Stren
Slide 9: Raising full year net income outlook to EUR ~2,300m
1 2 3 4 Group financials Raising full year net income outlook to EUR ~2,300m Insurance revenue growth Group net income Return on equity currency-adjusted in EURm mid ~2,300 23% single-digit ~18% 5% 1,373 6M 2025 Outlook 2025 6M 2025 Outlook 2025 6M 2025 Outlook 2025 Note: All targets are subject to
Slide 10: Agenda
Agenda 1 Group financials 2 Segments 3 Outlook 4 Appendix 10 6M 2025 Results | 14 August 2025
Slide 11: Corporate & Specialty: Good top line growth, bottom line even stronger
1 2 3 4 Segments | Corporate & Specialty Good top line growth, bottom line even stronger Insurance revenue Group net income Return on equity in EURm in EURm in % +7% +23% +1.7% pts 4,798 5,124 274 17.4% 223 15.7% 91.1% 91.6% 6M 2024 6M 2025 6M 2024 6M 2025 6M 2024 6M 2025 = Combined ratio (net / gro
Slide 12: Retail International: Excellent technical profitability drives strong net income growth
1 2 3 4 Segments | Retail International Excellent technical profitability drives strong net income growth Insurance revenue Group net income Return on equity in EURm in EURm in % +2% +49%1 +6% pts 334 20.8%5 4,595 4,688 224 14.7% 92.4% 90.8%3 6M 2024 6M 2025 6M 2024 6M 2025 6M 2024 6M 2025 = Combine
Slide 13: Retail Germany: Good P/C profitability allowed to strengthen balance sheet
1 2 3 4 Segments | Retail Germany Good P/C profitability allowed to strengthen balance sheet Insurance revenue Group net income Return on equity2 in EURm in EURm in % -8% +2% -0.1% pts 82 84 1,795 1,657 12.0% 11.9% 99.7% 90.6%1 6M 2024 6M 2025 6M 2024 6M 2025 6M 2024 6M 2025 = Combined ratio (net /
Slide 14: Reinsurance: Return on equity reflects strong underlying profitability
1 2 3 4 Segments | Reinsurance Return on equity reflects strong underlying profitability Insurance revenue Group net income Return on equity in EURm in EURm after minorities, in % +3%1 +13% +0.7% pts 12,916 13,338 662 22.8% 23.5% 585 87.8% 88.4% 6M 2024 6M 2025 6M 2024 6M 2025 6M 2024 6M 2025 = Comb
Slide 15: Agenda
Agenda 1 Group financials 2 Segments 3 Outlook 4 Appendix 15 6M 2025 Results | 14 August 2025
Slide 16: Distinct Talanx business model …
1 2 3 4 Outlook Distinct Talanx business model … Diversification P/C focus Cost leadership Resiliency 16 6M 2025 Results | 14 August 2025
Slide 17: … gives strong confidence for outlook 2025
1 2 3 4 Outlook … gives strong confidence for outlook 2025 Insurance revenue Group net income Return on equity Currency-adjusted growth in % in EURm Mid ~2,300 ~18% single-digit Note: Targets are subject to large losses staying within their respective annual large-loss budgets (EUR 2.8bn in 2025) as
Slide 18: Agenda
Agenda 1 Group financials 2 Segments 3 Outlook 4 Appendix 18 6M 2025 Results | 14 August 2025
Slide 19: Unchanged low-beta strategy with high quality investment portfolio
1 2 3 4 Appendix Unchanged low-beta strategy with high quality investment portfolio Investments for own risk Return on investment as of 30 June 2025, in EUR bn 140.3 17% 3.4% 115.3 115.3 1% 3.2% 7% 16% 45% 21% 93% 82% invest- 22% ment grade 55% 34% Asset allocation Currency split By rating 6M 2024 6
Slide 20: Shareholder's equity increasing despite dividend and currency effect
1 2 3 4 Appendix Shareholder’s equity increasing despite dividend and currency effect Shareholders’ equity development Shareholders’ capital components After taxes and minorities, in EURm After taxes and minorities, as of 30 June 2025, in EURm Value 2,237 19,680 creation 5,592 11,661 +1,373 11,851 1
Slide 21: Talanx Primary Insurance and Reinsurance Contributions to net income
1 2 3 4 Appendix Talanx Primary Insurance and Reinsurance Contributions to net income Net income attributable to Talanx AG shareholders, in EURm 1 2 3 4 5 6 7 8 Corporate & Retail Retail ∑ Primary Reinsurance Group Conso- Talanx Specialty International Germany Insurance Operations lidations Group 20
Slide 22: 6M 2025 and 6M 2024 results overview – Talanx Group
1 2 3 4 Appendix 6M 2025 and 6M 2024 results overview – Talanx Group EURm 6M 2024 6M 2025 Q6M 2024 / 6M 2025 Insurance revenue (gross) 23,606 24,181 2% Insurance service result (net) 2,320 2,564 11% thereof Non-Life 1,724 1,892 10% thereof Life 655 637 -3% Net investment income for own risk 2,186 2,
Slide 23: 6M 2025 results overview - Segments
1 2 3 4 Appendix 6M 2025 results overview - Segments EURm Corporate & Specialty Retail International Retail Germany Primary Insurance Reinsurance 6M 2024 6M 2025 6M 2024 6M 2025 6M 2024 6M 2025 6M 2024 6M 2025 6M 2024 6M 2025 Insurance revenue (gross) 4,798 5,124 4,595 4,688 1,795 1,657 11,188 11,47
Slide 24: Large loss detail
1 2 3 4 Appendix Large loss detail Net losses Corporate & Retail Retail ∑ Primary Group Talanx Reinsurance in EURm, 6M 2025 (6M 2024) Specialty International Germany Insurance Operations Group TOP 10 NatCat Wildfire Los Angeles, USA (Jan/Feb) 8.6 8.6 615.1 623.7 Earthquake, Myanmar (Mar) 59.0 59.0 T
Slide 25: Resiliency embedded in best estimate for P/C net claims reserves
1 2 3 4 Appendix Resiliency embedded in best estimate for P/C net claims reserves1 In EURm In % of net reserves As of year end As of year end 2022 2023 2024 2025e 2022 2023 2024 2025e Primary 1,161 1,542 1,943 7.4% 8.8% 9.7% Insurance2 Reinsurance 1,378 2,057 2,523 3.6% 5.0% 5.5% Group3 2,643 3,704
Slide 26: Contact us
Contact us Join us 16 September 2025 BofA Annual Financials CEO Conference, London 22 September 2025 Bernd Sablowsky Bernt Gade Berenberg Goldman Sachs Conference, Munich Head of Investor Relations and M&A Equity & Debt IR +49 511 3747-2793 +49 511 3747-2368 23 September 2025 Baader Investment Confe
Slide 27: Qualifications and caveats
Qualifications and caveats This presentation contains forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG (the “Company”) or cited from third-party sources. These statements are, therefore, subject to certain known or unknown ri