HANOVER (dpa-AFX) - Insurance group Talanx has slightly exceeded its own profit target in 2022 despite high catastrophe losses. Net income rose 16 percent year-on-year to a good 1.17 billion euros, the group with brands such as HDI and Targo Versicherung announced in Hanover on Thursday. The profit was thus slightly above the target range of 1.05 to 1.15 billion and also somewhat higher than analysts' average expectations. For the new year, CEO Torsten Leue is targeting an increase to around 1.4 billion euros - boosted by the change in accounting in accordance with the new IFRS 17 standard.

The news was received positively on the stock market. The Talanx share gained 1.2 percent in the morning to 44.70 euros, making it one of the stronger stocks in the MDax, the index of mid-sized stocks.

From the perspective of analyst Thorsten Wenzel of DZ Bank, little can be said so far about the quality of the annual profit, because Talanx has published only a few key figures so far. However, with its new dividend policy announced in December, the Group has eliminated one reason for the low valuation of the share, the expert wrote in the morning. Talanx plans to publish its final and full annual figures as scheduled on March 15.

Last year, the insurer increased its premium income by 17 percent to 53.4 billion euros, according to the release. As always, this includes the figures of Hannover Re, the world's third-largest reinsurer, in which Talanx holds a majority stake.

There is no forecast for the Group's premium income in the new year, as the change in accounting brings with it a new key figure. Instead of gross and net premiums, insurance revenue will be announced in the future. This is expected to reach around 42 billion euros at Talanx in 2023.

It should be easier to compare profits than revenues. If the new accounting had already applied in 2022, the surplus would have been around 100 million euros higher, according to the data. Accordingly, a profit of around 1.27 billion euros would have been attributable to Talanx shareholders. On a comparable basis, the planned net profit of 1.4 billion euros for 2023 therefore corresponds to an increase of a good ten percent.

For 2025, the Board of Management has already set itself the target of a further increase to around 1.6 billion euros. The dividend is also set to increase further. For 2022, as already announced, Talanx intends to distribute 2 euros per share to shareholders, a quarter more than a year earlier. By 2025, the dividend is to rise by a further quarter to 2.50 euros. The biggest beneficiary is the Haftpflichtverband der Deutschen Industrie, a mutual insurance association. It owns just under 79 percent of Talanx shares./stw/men/tih