Talanx (TLXGn.DE) 2Q'26 results First Take

Equity Research 14 August 2026 | 7:04AM BST

Talanx (TLXGn.DE): 2Q’26 results First Take

2Q’26 net income / EPS are a c.6% / c.4% beat vs. company-collected consensus Andrew Baker, CFA | primarily driven by Retail International and Hannover Re which had already reported Goldman Sachs International on Wednesday (First Take). As a result of the strong 1H’26 result including an Ankitha Giridhar additional €265mn of prudence build from the unused 1H’26 cat budget, Talanx has | increased its FY’26 net income guidance to significantly more than €2.7bn (from Goldman Sachs India SPL

c.€2.7bn), this compares to consensus of €2,761mn leading into the day. Divisionally, Vash Gosalia, CFA | 1H’26 FX adjusted growth was -0.4% in Corporate & Specialty but Talanx maintains Goldman Sachs International its low-to-mid single digit FY’26 guidance. Additionally, Retail International (+10%) and Retail Germany (-1%) Insurance Revenue growth are at the upper end or Alice Palumbo | exceeding guidance. In 2Q’26 the Corporate & Specialty and Retail International Goldman Sachs International CORs are more favourable than consensus, with Retail Germany a bit weaker, which appears to be driven by weather. Elsewhere, net investment income was strong and Solvency was a c.3ppts miss driven by Retail International growth and FX. Overall, we see this as another strong period of delivery, highlighting Talanx’s combination of growth and resilience.

Corporate & Specialty 2Q’26 insurance revenue is 2% below consensus. For 1H’26 revenue growth (ex. FX) is -0.4%, broadly in-line with the lower end of the low to mid single digit growth guidance for the year (unchanged). The 2Q’26 90.4% COR is 0.6ppts more favourable than consensus and positions it well to achieve the <92% guidance for the year.

Retail International 2Q’26 insurance revenue is 2% above consensus. For 1H’26 revenue growth (ex. FX) is c.10% which is tracking above the mid-to-high single digit growth guidance for the year. The 2Q’26 91.2% COR is 0.9ppts more favourable than consensus and positions it well to achieve the <93% guidance for the year. The higher insurance revenue and more favourable combined ratio led to a 21% operating profit beat.

Retail Germany 2Q’26 insurance revenue is 3% above consensus. For 1H’26 insurance revenue growth is -1% which is tracking more favourably than the high single digit decline growth guidance for the year. The 2Q’26 95.7% COR is 3.7ppts less favourable than consensus and is above the <93% guidance for the year, impacted by weather losses. The less favourable combined ratio led to a c.7% operating profit miss, despite the higher insurance revenue.

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Goldman Sachs Talanx (TLXGn.DE)

2Q’26 actual vs. company-collected consensus vs. GSe

Exhibit 1: 2Q’26 actual vs. consensus vs. GSe, €mn Reported 2Q'26E Actual vs. 2Q'26 Consensus GSe Consensus GSe Talanx Group Insurance revenue 12,185 11,960 11,966 2% 2% Insurance service expenses -9,982 -9,721 -9,709 3% 3% Net income / net expenses from reinsurance contracts held - % -13% Insurance service result (net) 1,451 1,393 1,396 4% 4% Net investment income for own risk 1,673 1,503 1,558 11% 7% Operating profit / loss (EBIT) 1,563 1,480 1,340 6% 17% Net income (attributable to shareholders of Talanx AG) % 25% EPS 2.8 3 2.2 4% 25% Shareholders' equity (after minorities) 14,415 14,001 13,957 3% 3% Solvency II ratio 246% 249% 251% -3pp -5pp

Corporate & Specialty Insurance revenue 2,517 2,556 2,528 -2% 0% Operating profit / loss (EBIT) % -10% Net income (attributable to shareholders of Talanx AG) % -3% Combined ratio (net/gross) 90.4% 91.0% 90.5% -0.6pp -0.1pp

Retail Germany Insurance revenue % 4% Operating profit / loss…