Talanx Ag · XETR:TLX
Talanx — Q1 2026 Earnings Presentation
36 slides from Talanx's earnings presentation, May 13, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results Jan Wicke, CFO Hannover, 13 May 2026
Slide 2: An excellent start into the year 2026 – EUR 774m Group net income
An excellent start into the year 2026 – EUR 774m Group net income Earnings High Increased growth profitability resiliency1 EUR 774m 22% EUR 5.9 bn Net income +28% Return on equity in Q1 2026 + EUR 1.25 bn2 1 Resiliency embedded in best estimate defined as the difference between booked P/C net reserv
Slide 3: Agenda
Agenda 1 Group financials 2 Segments 3 Capital management 4 Outlook 5 Appendix 3 Q1 2026 Results | 13 May 2026
Slide 4: Rising profitability despite fully-booked unutilised large loss budget
1 2 3 4 5 Group financials Rising profitability despite fully-booked unutilised large loss budget Insurance revenue Group net income Return on equity in EURm in EURm -2% +28% +2.2% pts. 12,363 774 22.3% 12,071 604 20.1% 92.8% 88.7% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 = Combined ratio (ne
Slide 5: 3% currency-adjusted growth driven by Primary Insurance
1 2 3 4 5 Group financials 3% currency-adjusted growth driven by Primary Insurance Primary Insurance Reinsurance Group Insurance revenue, in EURm Insurance revenue, in EURm Insurance revenue, in EURm Currency adjusted growth +5% +1% +3% Nominal growth +1% -6% -2% 5,703 5,779 6,970 12,363 12,071 6,52
Slide 6: Continued earnings growth in all segments
1 2 3 4 5 Group financials Continued earnings growth in all segments … Primary Insurance Reinsurance Group Group net income, in EURm Group net income, in EURm Group net income, in EURm +13% +50% +28% 774 404 604 359 359 240 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Note: Primary Insurance is t
Slide 7: … with well-diversified earning streams
1 2 3 4 5 Group financials … with well-diversified earning streams Top-line by region Bottom-line by division Insurance revenues, Q1 2026 Net income after minorities, Q1 2026 Rest of world Germany Corporate 16% 14% & Specialty 20% CEE LatAm 12% 10% 47% Reinsurance Primary 53% 25% 21% Retail 27% Rest
Slide 8: Large losses below long-term average
1 2 3 4 5 Group financials Large losses below long-term average Large losses in relative terms NatCat Man made Corona losses (P/C business only) For 2016 – 2021 IFRS 4, in % of net premiums earned (P/C business only) For 2022 – 2026 IFRS 17, in % of insurance revenues (P/C business only) 8.2% 8.4% 5
Slide 9: EUR 387m large loss buffer available for rest of 2026
1 2 3 4 5 Group financials EUR 387m large loss buffer available for rest of 2026 Net large losses in EURm Man-made NatCat 881 8.4% Q1 2025 affected by 173 676 = Budget Californian wildfires 6.8% 3871 289 708 2.9% Combined ratio effect of large-loss budget 84 booked vs. incurred 3.9%pts. 205 Q1 2025
Slide 10: High confidence to achieve ~ EUR 2.7bn net income for full year
1 2 3 4 5 Group financials High confidence to achieve ~ EUR 2.7bn net income for full year Insurance revenue growth1 Group net income Return on equity in EURm mid ~2,700 22% single-digit ~19% 3% 774 Q1 2026 Outlook 2026 Q1 2026 Outlook 2026 Q1 2026 Outlook 2026 Note: All targets are subject to large
Slide 11: Agenda
Agenda 1 Group financials 2 Segments 3 Capital management 4 Outlook 5 Appendix 11 Q1 2026 Results | 13 May 2026
Slide 12: Disciplined underwriting keeps profitability at healthy levels
1 2 3 4 5 Segments | Corporate & Specialty Disciplined underwriting keeps profitability at healthy levels Insurance revenue Group net income Return on equity in EURm in EURm in % -3% +8% -0.5% pts 2,577 2,489 141 152 18.4% 17.9% 91.1% 91.0% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 = Combined
Slide 13: Sustained growth and earnings momentum
1 2 3 4 5 Segments | Retail International Sustained growth and earnings momentum Insurance revenue Group net income Return on equity in EURm in EURm in % +8% +10% +0.1% pts 189 21.1%2 21.2%2 2,499 172 2,315 91.4% 91.3% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 = Combined ratio (net / gross) Pr
Slide 14: New strategic alliance in Mexico will improve P&C market position
1 2 3 4 5 Segments | Retail International New strategic alliance in Mexico will improve P&C market position P&C market rankings 20251 Quálitas 19.4% GWP, 2025 G.N.P. 10.4% Motor Non-Motor Chubb 7.6% 32% 34% AXA 7.3% ~400 BBVA 5.5% EURm + 5.3% as-if ranking #6 15% 19% Mapfre 5.2% Life Life savings In
Slide 15: Return on equity above target level
1 2 3 4 5 Segments | Retail Germany Return on equity above target level Insurance revenue Group net income Return on equity3 in EURm in EURm in % -3% +37% +2.5% pts 63 15.8% 46 13.3% 812 791 84.5%2 90.4% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 = Combined ratio (net / gross) Property / Casual
Slide 16: Rising profitability reflects quality of underlying business
1 2 3 4 5 Segments | Reinsurance Rising profitability reflects quality of underlying business Insurance revenue Group net income Return on equity in EURm in EURm after minorities, in % -6% +5.3% +50% pts 6,970 6,523 359 21.7% 240 16.4% 93.9% 83.6% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 = Co
Slide 17: Agenda
Agenda 1 Group financials 2 Segments 3 Capital management 4 Outlook 5 Appendix 17 Q1 2026 Results | 13 May 2026
Slide 18: Resiliency level further improved
1 2 3 4 5 Capital Management Resiliency level further improved Primary Insurance Group1 Reinsurance Group3 Resiliency embedded in best estimate2; as of year end in EURm = in % of total P/C reserves, without consideration of discounting and excluding IFRS 17 Risk Adjustment + 714 + 1,261 + 547 2,716
Slide 19: Comfortable regulatory capital strength
1 2 3 4 5 Capital Management Comfortable regulatory capital strength Solvency 2 ratios1 Ratings BOFCAR3 AA- 286% 243% 249%2 228% (stable) 209% 215% A+ (stable) 31 Dec 31 Dec 31 Dec 31 Dec 31 Mar 2022 2023 2024 2025 2026 Note: Insurer Financial Strength Rating Note: Solvency 2 ratio of HDI Group as t
Slide 20: Strong capital generation
1 2 3 4 5 Capital Management Strong capital generation Shareholders’ equity development Shareholders’ capital components after taxes and minorities, in EURm after taxes and minorities, as of 31 Mar 2026, in EURm 2,444 22,506 5,754 Value creation +839 774 65 14,307 14,307 13,468 31 Dec 2025 Net incom
Slide 21: Low-beta investment portfolio
1 2 3 4 5 Capital Management Low-beta investment portfolio Asset allocation1 as of 31 December 2025, in EURbn 17% 7% 83% fixed income 15% Real estate 47% 34% 23% 93% Private 8.8 investment grade Equity 4.4 10% 22% 53% 39% 33% 148.4 17% Other 24.7 2.1 2.9 Equity Short-term Currency split Counterparty
Slide 22: Rising investment income reflects portfolio management actions
1 2 3 4 5 Capital Management Rising investment income reflects portfolio management actions Investment income for own risk Return on investment Finance and investment result in EURm Net insurance finance and investment result (before currency), in EURm + 11% +0.3% pts + 17% 1,380 3.8% 1,241 3.5% 524
Slide 23: Agenda
Agenda 1 Group financials 2 Segments 3 Capital management 4 Outlook 5 Appendix 23 Q1 2026 Results | 13 May 2026
Slide 24: Outlook 2026 …
1 2 3 4 5 Outlook Outlook 2026 … Insurance revenue growth1 Group net income Return on equity in EURm Mid ~2,700 ~19% single-digit Note: Targets are subject to large losses staying within their respective annual large-loss budgets (EUR 2.8bn in 2025) as well as no occurrence of major turmoil on curre
Slide 25: … results in delivery of initial 2027 targets one year earlier and higher
1 2 3 4 5 Outlook … results in delivery of initial 2027 targets one year earlier and higher Net income Dividend per share in EURm in EUR per share +9% >10% ~2,700 >4.00 2,480 >2,500 4.00 3.60 1,977 2.70 2024 2025 2026e Initial target 2024 2025 2026e Initial target 20271 20271 Note: All targets are s
Slide 26: Agenda
Agenda 1 Group financials 2 Segments 3 Capital management 4 Outlook 5 Appendix 26 Q1 2026 Results | 13 May 2026
Slide 27: Resiliency in loss reserves
1 2 3 4 5 Appendix Resiliency in loss reserves Resiliency embedded in best estimate for P/C net claims reserves1 in €m, undiscounted and excluding IFRS 17 Risk Adjustment, as of year end; percentages are in % of net claims reserves 11.7% Primary Insurance Group2 10.5% 9.3% 9.2% 9.1% 8.4% Group3 7.9%
Slide 28: 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 ∑ Primary Group Retail Germany Reinsurance Consolidations Talanx Group Specialty International Insurance Operations 20
Slide 29: Q1 2025 and Q1 2026 results overview – Talanx Group
1 2 3 4 5 Appendix Q1 2025 and Q1 2026 results overview – Talanx Group EURm Q1 2025 Q1 2026 Q1 2025 / Q1 2026 Insurance revenue (gross) 12,363 12,071 -2% Insurance service result (net) 1,118 1,498 34% thereof Non-Life 753 1,122 49% thereof Life 342 367 7% Net investment income for own risk 1,241 1,3
Slide 30: Q1 2026 results overview - Segments
1 2 3 4 5 Appendix Q1 2026 results overview - Segments EURm Corporate & Specialty Retail International Retail Germany Primary Insurance Reinsurance Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Insurance revenue (gross) 2,577 2,489 2,315 2,499 812 791 5,703 5,779 6,
Slide 31: Large loss detail
1 2 3 4 5 Appendix Large loss detail Net losses Corporate & Retail Retail ∑ Primary Reinsurance Group Talanx in EURm, Q1 2026 (Q1 2025) Specialty International Germany Insurance Operations Group TOP 10 NatCat Winterstorm Fern, USA (Jan) 124.6 3.0 127.6 Storms, Spain (Jan/Feb) 34.0 34.0 Victorian Bus
Slide 32: Solvency 2 ratio sensitivities
1 2 3 4 5 Appendix Solvency 2 ratio sensitivities Estimation of sensitivity impact1 in %pts 31 Dec 2024 31 Dec 2025 228%2 243%2 Solvency 2 ratio Solvency 2 ratio Interest rate +50bps3 0 Interest rate +50bps3 1 Interest rate -50bps3 -3 Interest rate -50bps3 -3 Credit spread +50bps4 -4 Credit spread +
Slide 33: Development of Solvency ratio (excl. transitionals)
1 2 3 4 5 Appendix Development of Solvency 2 ratio (excl. transitionals) +13%pts. -10%pts. 259% -3%pts. +26%pts. -12%pts. 243% 228% +2%pts. 31 Dec 2024 Opening Operating Market Other 31 Dec 2025 Change in Capital 31 Dec 2025 adjustments impact variances (incl. taxes) after open. adj. eligibility man
Slide 34: Contact us
Contact us Join us 13 May 2026 Virtual CFO roadshow 19 May 2026 CFO roadshow in London Bernd Sablowsky Antonia Ewald-Wunderlich Bernt Gade Head of Investor Relations and M&A IR Assistance Equity & Debt IR 2 June 2026 +49 511 3747-2793 +49 511 3787-1922 +49 511 3747-2368 Goldman Sachs financials conf
Slide 35: Details on reserve review by WTW
Details on reserve review by WTW (as per pages 2, 18, 27) ▪ WTW was separately engaged by Talanx AG and Hannover Rück SE to review certain parts of the undiscounted loss and loss adjustment expense reserve underlying the consolidated financial statements in accordance with IFRS as at each 31 Decembe
Slide 36: 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