Facts and Figures
The latest key figures of the Talanx Group reflect the anticipated results of the 2010 financial year. Details are also provided of the favorable ratings assigned to the Talanx Group by the highly reputed rating agency Standard & Poor’s.
With stronger financial resources and a new corporate structure the Talanx Group considers itself better positioned for the future. “2010 was not an easy year for us, but in terms of structural progress it clearly mapped out the way ahead”, Herbert K. Haas, Chief Executive Officer of Talanx AG, explained. “Not only is the reorientation of the Group showing first results, like new business in the life insurance sector; more strikingly, the companies abroad are delivering vigorous premium growth”, Mr. Haas noted with satisfaction. That the operating profit (EBIT) in 2010 came in lower than in the year before was due to increased risk provision and non-recurring effects.
A particularly positive development in 2010 was the renewed increase in the Group's financial strength: Group shareholders' equity climbed by 12 % to € billion and – with a solvency ratio of 196.6 % – the Group's eligible own funds at the end of 2010 were almost twice as high as the legally required level. What is more, through its issue of a Solvency II-compliant instrument with a conversion requirement Talanx successfully accomplished a capital market innovation – the bond with a volume of € 300 million was taken up by the Japanese life insurer Meiji Yasuda.
Commenting on the company's strategic objectives, Mr. Haas added: “Our robust financial resources not only enable us to look to the challenges of the industry with composure, but they also put us in a position to make further acquisitions in promising markets in the years ahead. With this in mind, the partnership with Meiji Yasuda boosts our prospects of generating inorganic growth.”
The first step in the restructuring of the Group's primary insurance activities initiated in 2010 was successfully completed. Now that the structure is geared to customer groups and central services have been bundled, the Group is moving on in 2011 to the reorganization of the Retail Germany division and the IT sector.
