Talanx Ag · XETR:TLX
Talanx — 9M 2025 Earnings Presentation
31 slides from Talanx's earnings presentation, Nov 13, 2025
Slide 1: 9M 2025 Results
9M 2025 Results Jan Wicke, CFO Hannover, 13 November 2025
Slide 2: Ongoing earnings growth …
Ongoing earnings growth … 9M 2025 results at Strong Improved FY 2024 level profitability outlook +12% ~2,700 +23% >2,400 19.4% 21.5% 1,977 1,964 ~2,300 1,592 FY 9M 2024 9M 9M 2024 9M 2025 2025 2026 2024 2025 Previous1 New Net income Return on equity Outlook net income FY In EURm In EURm Note: Target
Slide 3: … with high degree of diversification
… with high degree of diversification Top-line diversification by regions Bottom-line diversification Primary vs. Reinsurance insurance revenues 9M 2025 net income after minorities, 9M 2025 51% Primary Insurance 49% Reinsurance Rest of world GER 16% 14% Corporate & Specialty 21% CEE 10% USA 27% 24%
Slide 4: Agenda
Agenda 1 Group financials 2 Segments 3 Capital Management 4 Outlook 5 Appendix 4 9M 2025 Results | 13 November 2025
Slide 5: Bottom-line growth based on strong underwriting
1 2 3 4 5 Group financials Bottom-line growth based on strong underwriting Insurance revenue Group net income Return on equity in EURm in EURm stable +23% +2.1% pts. 36,000 36,027 1,964 19.4% 21.5% Q3 12,393 11,845 1,592 591 503 6M 89.8% 91.2% 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 = Combin
Slide 6: Large losses with more than EUR 660m buffer …
1 2 3 4 5 Group financials Large losses with more than EUR 660m buffer … Net large losses in EURm Man-made NatCat 2,187 7.2% Larges losses EUR 664m below 1,760 booked budget 5.9% 1,523 6641 5.0% 488 686 Combined ratio effect 1,271 of large-loss budget 836 booked vs. incurred 2.2%pts. 9M 2024 9M 2025
Slide 7: … driven by exceptionally low large losses in Q3
1 2 3 4 5 Group financials … driven by exceptionally low large losses in Q3 Q3 delta incurred large losses vs. budget in EURm 674 481 overshoot 213 220 157 64 52 101 24 48 Ø 1212 underutilisation -11 -8.2%pts -5.3%pts -141 -303 -525 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20
Slide 8: Raising full year outlook
1 2 3 4 5 Group financials Raising full year outlook Insurance revenue growth Group net income Return on equity currency-adjusted in EURm >2,400 22% >19% mid 1,964 ~2,3002 single-digit1 Previous 3% 9M 2025 Outlook 2025 9M 2025 Outlook 2025 9M 2025 Outlook 2025 Note: Targets are subject to large loss
Slide 9: Agenda
Agenda 1 Group financials 2 Segments 3 Capital Management 4 Outlook 5 Appendix 9 9M 2025 Results | 13 November 2025
Slide 10: Prudent business selection keeps profitability rising stronger than top-line
1 2 3 4 5 Segments | Corporate & Specialty Prudent business selection keeps profitability rising stronger than top-line Insurance revenue Group net income Return on equity in EURm in EURm in % +4% +13% +0.5% pts 7,304 7,629 409 16.4% 16.9% 362 90.5% 91.6%2 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M
Slide 11: Excellent technical profitability drives strong net income growth
1 2 3 4 5 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% +40%1 +4.5% pts 474 19.1%3 6,963 7,130 340 14.6% 93.0% 91.4% 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 = Comb
Slide 12: Profits improving with high quality
1 2 3 4 5 Segments | Retail Germany Profits improving with high quality Insurance revenue Group net income Return on equity2 in EURm in EURm in % -7% +5% -0.4% pts 117 123 2,668 2,479 11.4% 11.0% 99.2% 87.4% 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 = Combined ratio (net / gross) Property / Ca
Slide 13: Return on equity reflects strong underlying profitability
1 2 3 4 5 Segments | Reinsurance Return on equity reflects strong underlying profitability Insurance revenue Group net income Return on equity in EURm in EURm after minorities, in % stable +7% -1.0% pts 19,701 19,711 915 976 23.2% 22.2% 87.9% 86.0% 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 = C
Slide 14: Agenda
Agenda 1 Group financials 2 Segments 3 Capital Management 4 Outlook 5 Appendix 14 9M 2025 Results | 13 November 2025
Slide 15: Strong capital generation leads to improved Solvency ratio
1 2 3 4 5 Capital Management | Solvency Strong capital generation leads to improved Solvency ratio Solvency 2 ratios Ratings BOFCAR2 269% 215% 228% 229% 224%1 233% AA- (stable) Target range 150 – 200% A+ (stable) 31 Dec 31 Dec 31 Mar 30 Jun 30 Sep 2023 2024 2025 2025 2025 Note: Insurer Financial Str
Slide 16: Our low-beta investment portfolio
1 2 3 4 5 Capital Management | Investments Our low-beta investment portfolio Asset allocation1 As of 30 September 2025, in EURbn 17% 7% 83% Fixed income 16% 45% Real estate 33% 22% 93% Private 8.9 invest- Equity ment 4.3 10% 22% grade 55% 40% 33% 143.2 17% Other 23.6 1.9 Equity 2.3 Currency split Co
Slide 17: Investment portfolio management paying off
1 2 3 4 5 Capital Management | Investments Investment portfolio management paying off Ordinary investment result Portfolio yield Net realised bond gains/losses1 EBIT, in EURm EBIT impact, in EURm Reinvestment yield fixed income +7% 4.0% 3,958 3,707 3.1% 2.8% Return on investment -204 1.7% -380 9M 20
Slide 18: Agenda
Agenda 1 Group financials 2 Segments 3 Capital Management 4 Outlook 5 Appendix 18 9M 2025 Results | 13 November 2025
Slide 19: Distinct Talanx business model
1 2 3 4 5 Outlook Distinct Talanx business model Diversification P/C focus 51% < 90% Net income Combined ratio contribution Primary Cost leadership Resiliency 93% EUR 4.7bn of portfolio1 Resiliency2 Note: All numbers relate to 9M2025 unless otherwise stated | 1 Net income contribution of segments wi
Slide 20: Outlook 2025 raised …
1 2 3 4 5 Outlook Outlook 2025 raised … Insurance revenue Group net income Return on equity Currency-adjusted growth in % in EURm Mid >2,400 >19% single-digit1 Note: Targets are subject to large losses staying within their respective annual large-loss budgets (EUR 2.8bn in 2025) as well as no occurr
Slide 21: … aiming to exceed initial outlook 2027 one year ahead of schedule
1 2 3 4 5 Outlook … aiming to exceed initial outlook 2027 one year ahead of schedule Group net income outlook in EURm +12% ~2,700 >2,500 >2,400 CMD 2024 Outlook 2025 Outlook 2026 Mid-term target 2027 Note: Numbers are subject to large losses staying within their respective annual large-loss budgets
Slide 22: Agenda
Agenda 1 Group financials 2 Segments 3 Capital Management 4 Outlook 5 Appendix 22 9M 2025 Results | 13 November 2025
Slide 23: Resiliency embedded in best estimate for P/C net claims reserves
1 2 3 4 5 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 3,70
Slide 24: Talanx Primary Insurance and Reinsurance Contributions to net income
1 2 3 4 5 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
Slide 25: Cost leadership allows to exploit growth opportunities
1 2 3 4 5 Appendix Cost leadership allows to exploit growth opportunities Cost benchmarking Administration expense ratio in %, 2024, IFRS 17 Total expense ratio in%, 2024, IFRS 17 Administration expense ratio in %, 2024, IFRS 17 Cost leadership Reinsurance Corporate & Specialty Retail International
Slide 26: Strong capital generation
1 2 3 4 5 Appendix Strong capital generation Shareholders’ equity development Shareholders’ capital components After taxes and minorities, in EURm After taxes and minorities, as of 30 Sep 2025, in EURm 2,271 20,586 Value 5,643 creation +1,964 12,671 12,671 11,661 -2571 -697 31 Dec 2024 Dividend Net
Slide 27: 9M 2025 and 9M 2024 results overview – Talanx Group
1 2 3 4 5 Appendix 9M 2025 and 9M 2024 results overview – Talanx Group EURm 9M 2024 9M 2025 9M 2024 / 9M 2025 Insurance revenue (gross) 36,000 36,027 0% Insurance service result (net) 3,745 3,980 6% thereof Non-Life 2,630 3,088 17% thereof Life 1,032 912 -12% Net investment income for own risk 3,105
Slide 28: 9M 2025 results overview - Segments
1 2 3 4 5 Appendix 9M 2025 results overview - Segments EURm Corporate & Specialty Retail International Retail Germany Primary Insurance Reinsurance 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Insurance revenue (gross) 7,304 7,629 6,963 7,130 2,668 2,479 16,935 17,
Slide 29: Large loss detail
1 2 3 4 5 Appendix Large loss detail Net losses Corporate & Retail Retail ∑ Primary Reinsurance Group Talanx in EURm, 9M 2025 (9M 2024) Specialty International Germany Insurance Operations Group TOP 10 NatCat Wildfire Los Angeles, USA (Jan/Feb) 10.8 10.8 614.8 625.6 Earthquake, Myanmar (Mar) 91.4 91
Slide 30: Contact us
Contact us Join us 19 November 2025 DZ-Bank Equity Conference, Frankfurt 21 November 2025 Antonia Ewald-Wunderlich Bernt Gade J.P. Morgan European Financials Conference, London Bernd Sablowsky Head of Investor Relations and M&A IR Assistance Equity & Debt IR 13 January 2026 +49 511 3747-2793 +49 511
Slide 31: 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