Stop parsing PDFs. Get the API. Request Access

AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

Talanx AG

Investor Presentation • Jul 8, 2013

427_ip_2013-07-08_7d958dd5-3054-4d93-bb64-6d753f5c50ea.pdf

Investor Presentation

Open in Viewer

Opens in native device viewer

RoadshowMunich / Edinburgh / Dublin

Herbert K. Haas, CEO8 - 10 July 2013

Talanx – the new kid on the block

1 W
h
i
f
?
e
r
e
a
r
e
w
e
c
o
m
n
g
r
o
m
-- --- -------------------------------------------------------------------------------------------------------
  • 2Where do we stand today?
  • 3What is special about us and what makes us different to peers?
  • 4How are we going to move forward?
  • 5Which return to expect from us in the mid-term?

Where are we coming from?

Overview HistoryV.a.G.

  • HDI V.a.G. is a mutual insurance company and majority-owner of the holding company Talanx AG
  • Around 1900, a fast-growing German industry saw the need for a more efficient way to receive third-party liability insurance cover
  • On 8 December 1903, 176 companies and 6 employers liability insurance associations founded the "Haftpflichtverband der deutschenEisen- und Stahlindustrie" ("liability association of the German steel industry")
  • The organisational setup reflects the historic roots of HDI, an association of important companies of the German industry that offers mutual insurance cover
  • Approx. 0.8m members of HDI V.a.G.
1
9
0
3		 'H
f
f
F
d
i
l
i
h
b
d
d
t
t
t
o
n
a
o
n
a
s
a
p
c
e
r
a
n
e
r
u
v
S
d
h
E
i
d
h
l
i
d
i
'
i
t
t
t
e
s
c
e
n
s
e
n-
n
a
n
s
r
e
n
u
u
u
F
k
f
t
r
a
n
u
r
1
9
1
9		 R
l
i
H
t
t
e
o
c
a
o
n
o
a
n
n
o
v
e
r
1
9
5
3		 C
i
f
l
l
i
d
b
l
t
t
o
m
p
a
n
e
s
o
a
n
u
s
r
y
s
e
c
o
r
s
a
r
e
a
e
G
i
i
h
H
D
I
V
t
t
t
t
o
c
o
n
r
a
c
n
s
r
a
n
c
e
a.
u
w
1
9
6
6		 F
d
i
f
H
R
ü
k
t
o
u
n
a
o
n
o
a
n
n
o
v
e
r
c
i
h
A
G
v
e
r
s
c
e
r
u
n
g
s
1
9
9
1		 D
i
i
f
i
i
i
l
i
f
i
t
t
v
e
r
s
c
a
o
n
n
o
e
n
s
u
r
a
n
c
e
1
9
9
4		 I
P
O
f
H
R
k
i
h
A
G
ü
o
a
n
n
o
v
e
r
c
v
e
r
s
c
e
r
u
n
g
1
9
9
8		 G
R
i
f
H
D
I
B
i
l
i
A
t
t
e
n
a
m
n
g
o
e
e
g
u
n
g
s
o
T
l
A
G
a
a
n
x
2
0
0
1		 S
f
f
i
b
i
f
t
t
t
a
r
r
a
n
s
e
r
o
n
s
r
a
n
c
e
s
n
e
s
s
r
o
m
u
u
H
D
I
V
G
i
d
i
i
d
l
i
i
t
t
t
a.
o
n
v
u
a
e
n
e
s
2
0
0
6		 G
A
i
i
i
f
l
i
i
b
t
c
q
s
o
n
o
e
r
n
g
n
s
r
a
n
c
e
g
r
o
p
u
u
u
y
T
l
A
G
a
a
n
x

Where are we coming from? – in topline growth

GWP by segment 2002 and 2012 (€bn)1,2

Share of segments in total GWP calculated before consolidation

2Calculated based total GWP adjusted for the respective stake in HannoverRe

Talanx's business portfolio on a strive for better diversification

Where are we coming from? – in global presence

Location overview primary insurance 2000 and 2013

Countries with local presenceBranch / office location

Where do we stand today? – our corporate identity

Talanx is the leading global B2B insurance group.

Our Mission

Optimised cooperation between our divisions enables us to take advantage of promising opportunities wherever they arise on the global insurance markets – to the benefit of all our stakeholders.

Our Story

A leading German insurer with a unique global growth story and an excellent risk / return profile.

Where do we stand today? – our size versus peers

Top 10 German insurers

German insurers by global GWP (2012, €bn)

Top 10 European insurers

European insurers by global GWP (2012, €bn)

Listed insurers Cumulated individual financial statements 4 Gross premiums earned2 Figure of 2011 5 Figure of 2010 3Without discontinued operations in 2011 Source: SNL Financial, annual reports

Third-largest German insurance group with leading position in Europe and strong roots in Germany

Where do we stand today? – our portfolio of brands

8

Talanx is an integrated international insurance group, anchored in Germany, running a multi-brand approach

Where do we stand today? – our divisions

Combined ranking based on 2012 data of Polish regulator as per local GAAP

2According to Siscorp based on local GAAP

Based on A.M. Best ranking (September 2012)

4Based on S&P ranking by average RoE 2002-2010 and also number 1 by average RoE as per KPMG 2012

9

Integrated insurance group with leading market positions in all segments

$$
{\sf talanx.}
$$

Where do we stand today? – in regulatory capital

  • Talanx has extensive experience in innovative capital management
  • As of 31 December 2012, available funds include €1.7bn of subordinated debt2
  • Goodwill of €1,152m as of 31 December 2012 (relative to shareholders' equity excl. minorities of €7.5bn)
  • Successful issue of €500m new hybrid in April 2012 to partially refinance callable bonds (2014/15)

Talanx Group based on the solvency of HDI V.a.G. (HDI V.a.G. is the relevant legal entity for the calculation of group solvency from a regulatory perspective)2€1.7bn of the Group's total subordinated debt (€3.1bn) are eligible for Solvency I capital (after accounting for minority interest and capped by regulatory thresholds)

Solid solvency and high-quality capital with relatively low goodwill supporting optimal balance sheet strength

Where do we stand today? – in ratings capital

Standard & Poor's A. M. Best Grade Outlook Grade Outlook Talanx Group1 A Stable Current financial strength ratings

Stable

Stable A+

The designation used by A. M. Best for the Group is "Talanx AG and its leading non-life direct insurance operation and its leading life insurance operation"2 This rating applies to the core members of Talanx Primary Group (the subgroup of primary insurers in Talanx Group); see description on the right side3This rating applies to Hannover Re and its major core companies. The Hannover Re subgroup corresponds to the Talanx Group Reinsurance segment

Stable

Financial strength underpinned by S&P and A.M. Best ratings

Talanx Primary Group2 A+

Hannover Re subgroup3 AA–

Where do we stand today? – in capital and performance

Capital structure (€bn)

Summary of FY 2012

S
€
I
F
R
m
,		 Y 2
F
0
1
2		 F
Y
2
0
1
1		 C
h
a
n
g
e
G
i
i
t
t
r
o
s
s
r
e
n
p
r
e
m
m
w
u		 2
6,
6
9
5		 2
3,
6
8
2		 1
3
%
+
N
i
d
t
e
p
r
e
m
u
m
e
a
r
n
e		 2
1,
9
9
9		 1
9,
4
5
6		 1
3
%
+
N
d
i
i
l
t
t
t
e
u
n
e
r
w
r
n
g
r
e
s
u		 (
)
1,
4
3
3		 (
)
1,
6
9
0		 1
5
%
+
N
i
i
t
t
t
e
n
e
s
m
e
n
n
c
o
m
e
v		 3,
7
9
5		 3,
2
6
2		 1
6
%
+
O
(
)
i
l
E
B
I
T
t
t
p
e
r
a
n
g
r
e
s
u		 1,
7
6
0		 1,
2
3
8		 4
2
%
+
N
i
f
t
t
e
n
c
o
m
e
a
e
r
i
i
i
t
m
n
o
r
e
s		 6
3
0		 1
5
5		 2
2
%
+
K
i
t
e
r
a
o
s
y		 F
Y
2
0
1
2		 F
Y
2
0
1
1		 C
h
a
n
g
e
C
f
b
i
d
i
l
i
t
o
m
n
e
r
a
o
n
o
n-
e
i
d
n
s
u
r
a
n
c
e
a
n
i
r
e
n
s
u
r
a
n
c
e		 9
6.
4
%		 1
0
1.
0
%		 -4
7
%
t
p
s
R
i
t
t
t
e
r
n
o
n
n
e
s
m
e
n
u
v		 4.
3
%		 4.
0
%		 0.
3
%
t
p
s

Based on solid capitalization and strong performance good upside potential

What is special about us? – B2B competence as key differentiator

Distribution via B2B channels (IFAs/brokers and bancassurance) in percent of total APE 20112Samples of clients/partners

Superior service of corporate relationships lies at heart of our value proposition

$$
{\sf talanx.}
$$

What is special about us? – B2B competence allows business integration across all divisions3

Enhanced business activity and efficiency through close cooperation and best-practice approach across all segments

What is special about us? – Sophisticated underwriter with low gearing to market risk

Market risk 3 Non-life risk 2 Further life riskOperational riskOther risk Total market risk of 39%, of solvency capital requirements, which is comfortably below the 50% limit Risk capacity priority for insurance risk Non-life is the dominating insurance risk category, comprising premium and reserve risk, NatCat and counterparty default risk At a 99.5% security level, applying the Economic View in Talanx's internal model, the Solvency capital requirement stands at €1.9bn for 2012; the Capital Adequacy Ratio at 351%. In the stricter 99.97% view, the ratio stands at 196% Equities ~1% of investments under own management GIIPS sovereign exposure 0.7% of total assets39%39%16%5%1%Talanx GroupRisk components of Talanx GroupComments 1

Figures show risk categorisation, in terms of solvency capital requirements, of the Talanx Group after minorities, after tax, post diversification effects as of 20122 Includes premium and reserve risk (non-life), net NatCat and counterparty default risk3Refers to the combined effects from market developments on assets and liabilities

What is special about us? – Proven earnings resilience over cycle

Talanx Group net income development

Net income of Talanx after minorities, after tax based on restated figures as shown in annual reports;2001–2003 according to US GAAP, 2004–2011 according to IFRS2 Adjusted on the basis of IAS 8Source: Annual reports of Talanx Group and Hannover Re Group

Robust cycle resilience due to diversification of segments

What is special about us? – Attractive risk-return profile3

RoE standard deviation of selected European insurance companies

Note: Calculation based on respective accounting standards used in respective years. Accounting standards may have changed over periods analysed

Median RoE and standard deviation of RoE 2001 – 2011 of selected European insurance groups; R+V 2001 – 2010, Groupama 2001 – 2010, Covea 2005 – 2010

Minority interests only given in 2010 and 2011, no adjustment for variable interest entitiesSource: Based on data of "Benchmarking of selected insurance companies" analysis by KPMG AG as of 27 April 2012

How to move forward? – Overall Group strategy

Focus of the Group is on long-term increase in value by sustainable and profitable growth and vigorous implementation of our B2B-expertise

P
f
i
t
t
t
r
o
a
r
g
e		 C
i
l
t
a
p
a
t
m
a
n
a
g
e
m
e
n		 R
i
k
t
s
m
a
n
a
g
e
m
e
n		 G
h
t
t
t
r
o
a
r
g
e
w		 H
m
a
n
r
e
s
o
r
c
e
u
u
l
i
p
o
c
y
1>
O
R
E
∅
T
P
2
0
o

E
u
r
o
p
e
a
n
i
n
s
u
r
e
r
s
1≥
R
E
i
k-
f
o
r
s
r
e
e
 F
l
f
i
l
l
S
&
P
"A
A
"
u

i
l
t
c
a
p
a
i
t
r
e
q
u
r
e
m
e
n
E
f
f
i
i
f
t
c
e
n
s
e
o

u		 G
i
i
t
t
e
n
e
r
a
e
p
o
s
v
e

l
i
a
n
n
u
a
e
a
r
n
n
g
s
i
h
b
b
i
l
i
t
t
w
a
p
r
o
a
y
f
9
0
%
o		 f
i
5
0
%
o
p
r
m
a
r
y

G
W
P
f
r
o
m
f
i
o
r
e
g
n
i
t
o
p
e
r
a
o
n
s		 C
i
t
o
n
n
u
o
u
s

d
l
d
t
e
v
e
o
p
m
e
n
a
n
i
f
t
p
r
o
m
o
o
n
o
o
w
n
k
f
w
o
r
o
r
c
e
2
i
t
t
t
n
e
r
e
s
r
a
e
b
7
5
0
+
p
s		 i
l
b
l
a
a
a
e
v
f
i
i
n
a
n
c
n
g
i
t
t
n
s
r
u
m
e
n
s		 S
f
f
i
i
i
l
t
t
c
e
n
c
a
p
a

u
i
h
d
t
t
t
o
w
s
a
n
l
t
t
a
e
a
s
a
n
d
t
a
g
g
r
e
g
a
e
h
k
3,
0
0
0-
y
e
a
r
s
o
c
I
i
k
t
t
n
v
e
s
m
e
n
r
s

0
%
5
<		 S
l
i
t
e
e
c
e

v
f
i
b
l
h
t
t
p
r
o
a
e
g
r
o
w
i
R
i
l
t
n
e
a
G
d
e
r
m
a
n
y
a
n
R
i
e
n
s
u
r
a
n
c
e		 I
d
i
i
d
l
n
a

v
u
i
b
i
l
i
d
t
r
e
s
p
o
n
s
y
a
n
i
l
t
e
n
r
e
p
r
e
n
e
u
r
a
i
i
t
s
p
r

In accordance with IFRS

2Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield

Group and divisional strategies define goals and actions to be taken

How to move forward? – Entrepreneurial culture across the Group4

Central steering combined with decentralized responsibilities…

  • Talanx Group centralised management, controlling, services and back-office functions
  • Principle: central strategic leadership combined with decentralised / local management responsibility
  • Individual business units have strong responsibility for delivering results within the guidelines of the group-wide performance management
  • International units are managed locally by local country managers

leads to Empowerment of individual managers Freedom to pursue new ventures within group guidelines Strong can-do attitude supporting group development and making use of market expertise Entrepreneurial pursuit of new opportunities building on traditional strengths of the group (B2B, B2B2C business)...strong entrepreneurial spirit

Strong entrepreneurial culture across the Group to unlock full earnings potential

$$
{\sf talanx.}
$$

How to move forward? – Sources for growth

I
d
i
l
L
i
t
n
s
r
a
n
e
s
u		 G
h
h
h
l
b
l
i
i
t
t
t
r
o
r
o
g
g
o
a
s
a
o
n

w
u
I
i
t
t
n
c
r
e
a
s
e
r
e
e
n
o
n
R
i
l
G
t
e
a
e
r
m
a
n
y		 E
l
i
i
i
f
d
i
d
t
t
t
m
n
a
o
n
o
c
o
s
s
a
a
n
a
g
e
s

v
I
l
l
i
d
d
B
2
B
f
t
t
t

n
e
g
e
n
p
r
o
u
c
s
a
n
o
c
u
s
R
i
l
I
i
l
t
t
t
e
a
n
e
r
n
a
o
n
a		 (
/
C
)
F
i
k
L
A
M
E
E
t
t
o
c
s
o
n
e
m
e
r
g
n
g
m
a
r
e
s
a

u
C
l
i
d
i
d
i
i
f
i
i
i
t
t
t
t
o
n
s
o
a
o
n
a
n
n
e
g
r
a
o
n
o
a
c
q
s
o
n
s

u
R
i
e
n
s
u
r
a
n
c
e		 E
f
f
i
i
l
t
t

c
e
n
c
y
c
e
m
a
n
a
g
e
m
e
n
E
i
i
i
k
t
t

x
p
a
n
s
o
n
n
o
e
m
e
r
g
n
g
m
a
r
e
s

Which return to expect from us? – Q1 at a glance

Summary of Q1 2013

S
€m
I
F
R
,		 Q
1
2
0
1
3		 Q
1
2
0
1
2		 C
ha
ng
e
Gr
i
ium
t
te
os
s w
r
n p
re
m		 8,
4
5
8		 7,
6
0
5		 1
1
%
+
Ne
ium
d
t p
re
m
e
ar
ne		 5,
7
1
5		 4,
9
6
5		 1
5
%
+
Ne
de
i
ing
l
t u
t
t
n
rw
r
re
su		 (
)
2
6
3		 (
)
2
8
9		 (
)
9
%
Ne
inv
inc
t
tm
t
es
en
om
e		 8
7
5		 9
6
1		 (
)
9
%
Op
ing
l
(
E
B
I
T
)
t
t
er
a
re
su		 5
1
6		 5
3
8		 (
)
4
%
Ne
inc
f
ino
i
ies
t
te
t
om
e a
r m
r		 2
0
3		 2
0
6		 (
)
1
%
Ke
ios
t
ra
y		 Q
1
2
0
1
3		 Q
1
2
0
1
2		 C
ha
ng
e
Co
b
ine
d
io
l
i
fe
t
m
ra
no
n-
ins
d
ins
ur
an
ce
a
n
re
ur
an
ce		 9
5.
0
%		 9
6.
4
%		 -1
4
%
ts
p
1
Re
inv
tu
tm
t
rn
on
es
en		 3.
%
7		 4.
6
%		 -0
9
%
ts
p
Ba
lan
he
t
ce
s
e		 Q
1
2
0
1
3		 Q
4
2
0
1
2		 C
ha
ng
e
Inv
d.
tm
ts
es
en
un
t.
ow
n m
g
m		 8
6,
6
8
5		 8
4,
0
2
5		 3
%
+
Go
dw
i
l
l
o		 1,
1
4
9		 1,
1
3
5		 (
0
)
%
To
l a
ta
ts
ss
e		 1
3
4,
6
1
1		 1
3
0,
3
0
5		 3
%
+
Te
hn
ica
l p
is
ion
c
rov
s		 9
2,
3
2
8		 8
9,
4
8
4		 3
%
+
To
l s
ha
ho
l
de
'
i
ta
ty
re
rs
eq
u		 1
1,
9
6
5		 1
1,
3
0
9		 3
%
+
S
ha
ho
l
de
'
i
ty
re
rs
eq
u		 3
9
7,
5		 1
3
7,
5		 3
%
+

Annualised

2012 numbers in this presentation adjusted on the basis of IAS8

21

Significant top-line growth and solid performance

Comments

  • 11% y/y growth in gross written premium and even somewhat higher momentum in net premium earned
  • Combined ratio down 1.4%pts to 95.0%
  • On EBIT level, the substantial decline in net investment income overcompensates the beneficial effect from the improved underwriting result
  • Bottom-line result close to the excellent Q1 2012 figures
  • Shareholders' equity of €7,359m already includes the negative OCI effect of €334m from the amendments to IAS19 (employee benefits)
  • Solvency I ratio only marginally down from end-2012 level: 222% vs. 225%

Which return to expect from us? – Outlook 2013

G
T
l
a
a
n
r
o
p
x
u
G
W
i
P
i
t
t
r
o
s
s
r
e
n
r
e
m
m
u		 4
%
≥
+
I
d
i
l
L
i
t
•
n
u
s
r
a
n
e
s		 4-
6
%
+
~
R
i
l
G
t
e
a
e
r
m
a
n
•
y		 f
l
t
a
R
i
l
I
i
l
t
t
t
•
e
a
n
e
r
n
a
o
n
a		 1
2
0
%
7-
+
~
i
f
i
N
L
R
o
n-
e
e
n
s
u
r
a
n
c
e
•		 3-
5
%
+
~
L
i
f
d
H
l
h
R
i
t
e
a
n
e
a
e
n
s
r
a
n
c
e
•
u		 5-
7
%
+
~
R
i
t
t
t
e
r
n
o
n
n
e
s
m
e
n
u
v		 3.
5
%
~
G
i
t
r
o
p
n
e
n
c
o
m
e
u		 €
6
5
0
m
>
R
i
t
t
e
u
r
n
o
n
e
q
u
y		 9
%
>
D
i
i
d
d
i
t
t
e
n
p
a
o
r
a
o
v
y
u		 3
5-
4
5
%
t
t
a
r
g
e
r
a
n
g
e

Targets are subject to no major losses exceeding budget (cat), no turbulences on capital markets (capital), and no material currency fluctuations (currency).

Which return to expect from us? – Mid-term target matrix

Se
ts
g
me
n		 Ke
f
ig
y
ur
es		 S
ic
tra
teg
tar
ts
g
e
G Re
i
tur
ty
n o
n e
q
u		 1
7
5
0
bp
bo
is
k
fre
≥
s a
ve
r
e
r
o
p
u		 Gr
inc
h
t
t
ou
p
ne
om
e g
row		 1
0
%
~
D
iv
i
de
d p
io
t ra
t
n
ay
ou		 3
4
%
5 -
5
2
Re
inv
tur
tm
t
n o
n
es
en		 3.
%
≥
5
I
d
i
l
L
i
t		 3
Gr
ium
h
t
os
s p
rem
g
row		 3 -
%
5
n
u
s
r
a
n
e
s		 Co
b
ine
d r
io
t
m
a		 ≤
9
6
%
E
B
I
T m
in
4
arg		 1
0
%
≥
Re
ion
ten
t
te
ra		 6
0 -
6
5
%
R
i
l
G
t		 Gr
ium
h
t
os
s p
rem
g
row		 0
%
≥
e
a
e
r
m
a
n
y		 Co
(
)
b
ine
d r
io
l
i
fe
t
m
a
no
n-		 9
7
%
≤
Ne
bu
ine
in
(
l
i
fe
)
s
ss
m
arg
w		 2
%
≥
4
E
B
I
T m
in
arg		 4.
5
%
≥
R
i
l
I
i
l
t
t
t		 3
Gr
ium
h
t
os
s p
rem
g
row		 1
0
%
≥
e
a
n
e
r
n
a
o
n
a		 Co
b
ine
d r
io
(
l
i
fe
)
t
m
a
no
n-		 9
6
%
≤
Va
lue
f
Ne
Bu
ine
(
V
N
B
)
h
t
o
w
s
ss
g
row		 1
0
%
5 -
4
E
B
I
T m
in
arg		 %
≥
5
N
l
i
f
i		 Gr
ium
h
t
os
s p
rem
g
row		 3 -
5
%
o
n-
e
r
e
n
s
u
r
a
n
c
e		 Co
b
ine
d r
t
io
m
a		 9
6
%
≤
4
E
B
I
T m
in
arg		 1
0
%
≥
L
i
f
&
h
l
h
i
t		 3
Gr
ium
h
t
os
s p
rem
g
row		 5 -
7
%
e
e
a
r
e
n
s
r
a
n
c
e
u		 Va
lue
f
Ne
Bu
ine
(
V
N
B
)
h
t
o
s
ss
g
row
w		 1
0
%
≥
4
E
B
I
T m
in
f
ina
ing
d
lon
i
bu
ine
ty
arg
nc
an
g
ev
s
ss		 2
%
≥
4 m
E
B
I
T m
in
l
i
d
he
l
h
bu
ine
ta
ty
t
arg
or
an
a
s
ss		 6
%
≥

Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield

2 Derived from actual asset duration. Currently ~ 6.5 years, therefore the minimum return is the 13-year average of 13-year German government bond yield. Annually rolling

Organic growth only; currency neutral

4EBIT/net premium earned

Note: growth targets are on p.a. basis

APPENDIX: HDI V.a.G. placement strengthens position in MDAX

MDAX ranking free-float market cap – June 2013

R
k
a
n		 G
r
o
p
u		 R
k
a
n
-
f
p
r
o
o
r
m
a		 G
r
o
u
p
… …
3
8		 P
1
e
e
r		 3
8
3
9		 P
2
e
e
r		 3
9		 P
1
e
e
r
4
0		 P
3
e
e
r		 4
0		 P
2
e
e
r
4
1		 P
4
e
e
r		 4
1		 P
3
e
e
r
4
2		 P
5
e
e
r		 4
2		 P
4
e
e
r
4
3		 P
6
e
e
r		 4
3		 P
5
e
e
r
4
4		 P
7
e
e
r		 4
4		 P
6
e
e
r
4
5		 P
8
e
e
r		 4
5		 P
7
e
e
r
4
6		 P
9
e
e
r		 4
6		 P
8
e
e
r
4
7		 P
1
0
e
e
r		 4
7		 P
9
e
e
r
4
8		 P
1
1
e
e
r		 4
8		 P
1
0
e
e
r
4
9		 P
1
2
e
e
r		 4
9		 P
1
1
e
e
r
5
0		 5
0		 P
1
2
e
e
r
… …

Comments

  • In July, HDI V.a.G. placed 8.2m shares (3.2% of Talanx's share capital) at €23.25 per share
  • The transaction has reduced HDI V.a.G's share in Talanx to 79.1% while raising the free-float from 11.2 to 14.4%
  • Based on Talanx-internal analysis, the transaction would push Talanx from #50 in the free-float market cap ranking in June to pro-forma #38
  • With respect to turnover, Talanx reached #37 in the June ranking

Source: Talanx analysis based on June 2013 MDAX statistics. Pro-forma addition of 8.2m shares @€23.25 to Talanx's free-float market cap.

APPENDIX: HDI V.a.G. structure

Members of HDI V.a.G.

Relationship HDI V.a.G. – Talanx AG

  • HDI V.a.G. is a mutual insurance company and majorityowner of the holding company Talanx AG; commitment to remain long-term majority shareholder post IPO
  • Alignment of interests of HDI V.a.G. and Talanx Group through
    • Providing efficient and reliable insurance to mutual members at market rates, often syndicate-based
    • Same decision makers: Mr Haas, Dr Hinsch, Dr Querner
    • HDI V.a.G. has no other investments besides Talanxand is interested to further strengthen and enable Talanx to provide stable insurance capacity to industrial clients
    • Talanx and HDI V.a.G. committed to capital market oriented dividend policy
  • No financial liabilities on mutual level
  • Very limited business relations / intercompany contracts between HDI V.a.G. and Talanx

Strong and reliable anchor shareholder with aligned interests

Disclaimer

This presentation contains forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG (the "Company") or cited from third-party sources. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond the Company's control, affect the Company's business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of the Company may vary materially from those expressed or implied as being expected, anticipated, intended, planned, believed, sought, estimated or projected.in the relevant forward-looking statement.

The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does the Company accept any responsibility for the the actual occurrence of the forecasted developments. The Company neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.Presentations of the company usually contain supplemental financial measures (e.g., return on investment, return on equity, gross/net combined ratios, solvency ratios) which the Company believes to be useful performance measures but which are not recognised as measures under International Financial Reporting Standards, as adopted by the European Union ("IFRS"). Therefore, such measures should be viewed as supplemental to, but not as substitute for, balance sheet, statement of income or cash flow statement data determined in accordance with IFRS. Since not allcompanies define such measures in the same way, the respective measures may not be comparable to similarly-titled measures used by other companies. This presentation is dated as of 8 July 2013. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This material is being delivered in conjunction with an oral presentation by the Company and should not be taken out of context.

More from Talanx AG

Declaration of Voting Results & Voting Rights Announcements 2025
Dec 23
Declaration of Voting Results & Voting Rights Announcements 2025
Dec 12
Earnings Release 2025
Nov 14
Earnings Release 2025
Nov 12
Transaction in Own Shares 2025
Sep 8
Transaction in Own Shares 2025
Sep 1
Declaration of Voting Results & Voting Rights Announcements 2025
Aug 27
Transaction in Own Shares 2025
Aug 25
Transaction in Own Shares 2025
Aug 15
Interim / Quarterly Report 2025
Aug 15
View all filings →

Talk to a Data Expert

Have a question? We'll get back to you promptly.