Talanx makes record profit in 2016

Talanx achieved a record net income for 2016 growing 23.6% to EUR907mn. Herbert Haas, CEO of Telanx, hailed the result as the best in the company’s history. Operating profit for 2016 grew by 5.4% to EUR2.3bn. This full year result was recorded despite a slowdown towards the end of the year. Q4 operating profit at Talanx dropped 3.9% due to a fall in its life insurance segment. Within the company’s reinsurance segment, which includes Hannover Re, the P&C operating profit grew 8.6%. The industrial line business saw a 65.5% increase in operating income to EUR91mn for the fourth quarter. At a group level, the combined ratio improved by 20 basis points to 93.1% for Q4.