BERLIN (dpa-AFX) - Shares of Talanx AG (TLLXY, TNXXF) were gaining around 4 percent in the morning trading in Germany after the financial services firm on Thursday lifted its outlook for fiscal 2024 and fiscal 2025, after reporting higher results in its nine-month period.
In the first nine months of fiscal 2024, Talanx generated Group net income of 1.59 billion euros, up 24 percent from last year's 1.28 billion euros. Earnings per share grew 22 percent to 6.17 euros from 5.05 euros a year ago.
Operating profit or EBIT climbed 33 percent to 3.7 billion euros.
Insurance revenue rose 12 percent to 36.0 billion euros from prior year's 32.3 billion euros.
Further, for fiscal 2024, Talanx significantly lifted its earnings forecast to more than 1.9 billion euros from previously expected more than 1.7 billion euros.
For fiscal 2025, the company now projects Group net income to be more than 2.1 billion euros, compared to initial forecast of 1.6 billion euros issued at its Capital Market Day at the end of 2022.
Talanx said it will reach, and clearly exceed, its original 2025 target, a year earlier than planned.
Torsten Leue, Chairman of Talanx AG's Board of Management said, 'The rise in large losses in the third quarter, which was due to the large number of natural disasters, is in line with our expectations and our budget. This means we still have a cushion for the rest of the year and are upbeat about the future.'
In Germany, Talanx shares were trading at 75.85 euros, up 3.83 percent.
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