FX.co ★ Talanx 9M Results Rise, Lifts Outlook For FY24, FY25; Stock Up

Talanx AG (TLLXY, TNXXF) experienced a positive movement in its stock price, rising approximately 4% in morning trading in Germany. This surge followed the financial services company's announcement on Thursday, where it upgraded its fiscal outlook for both 2024 and 2025, citing improved profits over the nine-month reporting period.

During the first nine months of fiscal 2024, Talanx achieved a Group net income of €1.59 billion, marking a 24% increase compared to the previous year's figure of €1.28 billion. Earnings per share also rose, recording a 22% hike to reach €6.17, up from €5.05 the previous year.

The company's operating profit, or EBIT, jumped by 33%, reaching €3.7 billion. Additionally, insurance revenue climbed by 12%, amounting to €36.0 billion, compared to €32.3 billion from the prior year.

Looking ahead to fiscal 2024, Talanx has notably revised its earnings forecast upward to over €1.9 billion, surpassing the earlier expectation of more than €1.7 billion. For fiscal 2025, the projection for Group net income has been raised to exceed €2.1 billion, a significant increase from the initial forecast of €1.6 billion announced during its Capital Market Day at the close of 2022.

Talanx expressed confidence in not only meeting its original 2025 target a year in advance but also exceeding it. Torsten Leue, Chairman of Talanx AG's Board of Management, commented, "The increase in substantial losses during the third quarter, largely driven by numerous natural disasters, aligns with our predictions and budget. This ensures we maintain a financial cushion for the remainder of the year, and we remain optimistic about the future."

In the German market, Talanx shares were trading at €75.85, reflecting a 3.83% increase.