Annual Report 2025

Our Group Annual Report 2025 provides a holistic view of the business performance of Talanx AG. On this page, we present the most important content for you.

Annual Report 2025

The latest annual report for the financial year 2025 is available here

Detailed Group Key Figures FY 2025

Here you will find the detailed table of our Group key figures.

Letter to our shareholders

Insight into the divisions

Corporate & Specialty

Positive development of operating result thanks to robust underwriting and capital investment
Revenue growth despite a flattening market, driven by new business and positive rate adjustments
Underwriting benefited from low frequency and large losses

Key figures for the Corporate & Specialty division

EUR million	2025	2024	+/-
Insurance revenue	10,252	10,006	+2.5%
Insurance service result	997	1,004	–0.8%
Net insurance financial and investment result before currency effects	102	83	+22.1%
of which investment result	439	368	+19.1%
of which net insurance financial result before currency effects	–337	–285	–18.3%
Operating profit/loss (EBIT)	732	702	+4.3%

Management metrics for the Corporate & Specialty division

%	2025	2024	+/-
Growth of insurance revenue (adjusted for currency effects)	4.7	10.7	–6.0 ppts
Combined ratio (net/gross)	90.3	90.0	+0.3 ppts
Return on equity	17.3	17.6	–0.3 ppts

Retail International

At +9.6% year over year, insurance revenue adjusted for currency effects exceeded forecast
At 92.0%, combined ratio improved once again
Division’s contribution to Group net income up 36% to EUR 611 million, an even sharper increase than insurance revenue

Key figures for the Retail International division

EUR million	2025	2024	+/-
Insurance revenue	9,677	9,281	+4.3%
Insurance service result	834	778	+7.3%
Net insurance financial and investment result before currency effects	501	448	+11.8%
of which investment result	915	784	+16.6%
of which net insurance financial result before currency effects	–414	–336	–23.0%
Operating profit/loss (EBIT)	994	836	+18.9%

Management metrics for the Retail International division

%	2025	2024	+/-
Growth of insurance revenue (adjusted for currency effects)	9.6	39.9	–30.3 ppts
Combined ratio (net/gross)	92.0	92.5	–0.4 ppts
Return on equity	19.1	15.3	+3.9 ppts

Retail Germany

Declining insurance revenues, particularly at LPV Lebensversicherung AG and the former TARGO Lebensversicherung AG (now HDI Vorsorge Lebensversicherung AG)
Lower insurance service result, mainly due to the end of the partnership with TARGOBANK
EBIT down on previous year due to one-time (positive) effects in the prior year

Key figures for the Retail Germany division

EUR million	2025	2024	+/-
Insurance revenue	3,331	3,619	–7.9%
Insurance service result	381	402	–5.3%
Net insurance financial and investment result before currency effects	110	–5	> 999%
of which investment result	2,045	2,861	–28.5%
of which net insurance financial result before currency effects	–1,934	–2,867	+32.5%
Operating profit/loss (EBIT)	205	262	–21.6%

Management metrics for the Retail Germany division

%	2025	2024	+/-
Growth of insurance revenue	–7.9	1.7	–9.7 ppts
New business value (net, Life Insurance) in EUR million	141	316	–55.5%
Combined ratio (net/gross, Property/Casualty Insurance)	91.8	96.6	–4.8 ppts
Return on equity	19.1	10.8	–0.3 ppts

Reinsurance

Property/Casualty Reinsurance

Reinsurance revenue (gross) grew by 3.8% after adjusting for currency effects
Contractual service margin (CSM) from new business totalled EUR 3.1 billion
Largely stable conditions and risk-adequate pricing in contract renewals over the course of 2025

Key figures for the Reinsurance division Property/Casualty Reinsurnace Segment

EUR million	2025	2024	+/-
Insurance revenue	18,770	18,665	+0.6%
Insurance service result	2,593	2,136	+21.4%
Net insurance financial and investment result before currency effects	157	697	–77.4%
of which investment result	1,331	1,642	–19.0%
of which net insurance financial result before currency effects	–1,173	–945	–24.2%
Operating profit/loss (EBIT)	2,660	2,413	+10.2%

Management Metrics for the Property/Casualty Reinsurance Segment

%	2025	2024	+/-
Growth of insurance revenue (adjusted for currency effects)	3.8	11.1	–7.3 ppts
Combined ratio (net/gross)	84.0	86.6	–2.6 ppts

Life/Health Reinsurance

Insurance revenue (gross) adjusted for currency effects rose by 6.8% to EUR 8,015 million
New contribution to net CSM amounted to EUR 766 million
Net contractual service margin (CSM) declined by 3.7% to EUR 6.3 billion
Continued high customer demand for longevity cover and financial solutions

Key Figures for the Reinsurance Division – Life/Health Reinsurance Segment

EUR million	2025	2024	+/-
Insurance revenue	8,015	7,715	+3.9%
Insurance service result	903	883	+2.3%
Net insurance financial and investment result before currency effects	181	226	–20.1%
of which investment result	371	396	–6.5%
of which net insurance financial result before currency effects	–190	–170	–11.5%
Operating profit/loss (EBIT)	863	926	–6.9%

Management Metrics for the Life/Health Reinsurance Segment

%	2025	2024	+/-
Insurance service result (net) in EUR million	903	883	+2.3%
Growth of contractual service margin (net)	–3.7	9.5	–13.2 ppts.

Outlook 2026

Talanx Group

%	2026
Growth of insurance revenue (adjusted for currency effects)	mid single-digit percentage
Group net income in EUR billion	~2.7
Return on equity	~19

Corporate & Specialty

%	2026
Growth of insurance revenue (adjusted for currency effects)	low to mid single-digit percentage
Combined ratio (net/gross)	< 92
Return on equity	> 16

Retail International

%	2026
Growth of insurance revenue (adjusted for currency effects)	mid to high single-digit percentage
Combined ratio (net/gross, property/casualty insurance)	< 93
Return on equity	> 16

Retail Germany

%	2026
Growth of insurance revenue	Decrease in higher single-digit percentage
New business value (net, Life Insurance) in EUR million	> 110
Combined ratio (net/gross, property/casualty insurance)	< 93
Return on equity	> 10