Talanx, the name behind Hannover Re and HDI Global, expects to reach and exceed its earnings forecast of more than €2.5 billion for 2027 one year earlier than planned, following a 25% increase in group net income for the 2025 financial year, according to preliminary, unaudited consolidated figures.
The group is reporting net income of €2,480 million for 2025, up from €1,977 million a year earlier. The result was supported by operating performance across its insurance activities and a favourable claims experience in the second half of the year. Primary insurance and reinsurance contributed equally to the group result.
Insurance revenue, adjusted for currency effects, rose by 5% to €49.0 billion, compared with €48.1 billion in the prior year. On a reported basis in euros, revenue increased by 2%. The return on equity for 2025 is expected to reach 19.7%, up from 17.9% in 2024.
Talanx confirmed its net income outlook for 2026 at approximately €2.7 billion, a target it raised in November 2025. Based on this projection, it now expects to reach its previously stated 2027 earnings target of more than €2.5 billion earlier than planned.
The earnings trajectory comes against a backdrop of portfolio and operational adjustments across the group over the past two years. In its retail international division, Talanx sold its Argentinian and Uruguayan entities in August 2025, retaining a 10% stake in HDI Seguros Uruguay subject to regulatory proceedings. The division had contributed €449 million to group net income in 2024, with insurance revenue of €9.3 billion, according to company disclosures at the time. The group also divested its Ecuador operation in February 2025.
On the reinsurance side, Talanx and HDI Global consolidated reinsurance purchasing under a single leadership structure in September 2025. The move followed the group’s entry into the catastrophe bond market in November 2024, when it secured $100 million of parametric earthquake protection through Maschpark Re Ltd. (Series 2024-1). The company had cited growth in exposure as a factor behind increased reinsurance capacity needs.
Beyond underwriting, Talanx has continued to allocate capital to long-dated assets through its asset management arm. In February 2026, Ampega Asset Management GmbH arranged €100 million in debt financing on behalf of Talanx investors for Cologne’s public transport operator, Kölner Verkehrs-Betriebe. The financing supports low-carbon transport infrastructure and forms part of Ampega’s €7.1 billion portfolio of direct infrastructure investments, a segment insurers increasingly use to match long-term liabilities.
Talanx said it will announce the dividend proposal for the 2025 financial year when it publishes its audited annual financial statements on March 18, 2026. In line with its long-term dividend policy, the board of management aims to propose a dividend above the prior-year level of €2.70. The proposal remains subject to approval by the Board of Management and Supervisory Board.
Headquartered in Hannover, Germany, Talanx operates in more than 175 countries and employs around 30,000 people worldwide.
