Loading…
German insurance group with primary insurance (HDI) and reinsurance (Hannover Re majority stake) operations.
German insurance group with primary insurance (HDI) and reinsurance (Hannover Re majority stake) operations.
Mixes insurance sold to businesses and consumers (the HDI brand, in Germany, Poland, Latin America and elsewhere) with reinsurance through Hannover Re, a large part of group profit. Control sits with HDI V.a.G., a mutual insurance association that owns the majority of Talanx. It has been listed in Frankfurt since 2012.
Moat: narrow (scale, brand). Combines a large German primary insurer with a majority stake in a top-five global reinsurer.
Headquarters: Hanover, Germany · Founded: 1996 · Employees: 29,464
Size Talanx (TLX.DE) is a Germany Financials company (Life/Health Insurance) with a market value of $37.6B, the 24th largest of 205 Germany companies the cockpit tracks. Shares closed at €129.90 on 6 Nov 2026.
Performance Over six months the shares gained 24.4%, against +20.6% for the median peer and +2.6% for the Germany market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 2.1% over the last twelve months (peer median +11.5%); the operating margin is 9.8% (peer median 11.1%).
Valuation It trades at 2.33× book value against a peer median of 1.40× (8th most expensive of 20).
Price implies The share price implies a return on equity of about 10.2%; Talanx delivers 19.8%, so the price asks less than the business earns today.
Credit Talanx has 4 bonds outstanding ($2.51B), rated A by the agencies and trading like A at a weighted spread of 80 bp.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €56.0B | €57.3B | €55.7B | €49.1B | €42.2B |
| Revenue growth | — | +3% | +14% | +16% | — |
| Net income | €2.60B | €2.48B | €1.98B | €1.58B | €706M |
| Free cash flow | n/a | €7.92B | €8.14B | €7.63B | €5.44B |
| Capital expenditure | n/a | €455M | €295M | €461M | €436M |
| Total debt | €8.90B | €8.48B | €8.90B | €9.57B | €9.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Talanx TLX.DE | $37.6B | +24% | +2% | 20% | 2.33× | 10.2% |
| Allianz ALV.DE | $192B | +19% | +21% | 21% | 2.98× | 16.0% |
| Munchener Ruckversicherungs-Gesellschaft MUV2.DE | $80.3B | +22% | 0% | 21% | 2.13× | 9.0% |
| Zurich Insurance ZURN.SW | $114B | +16% | +19% | 26% | 3.67× | 11.2% |
| Assicurazioni Generali G.MI | $73.8B | +12% | -8% | 15% | 2.06× | 16.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TLX.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.4% | +2.4% | 5th highest of 21 |
| 6-month return | +24.4% | +20.6% | 5th highest of 21 |
| Return on equity | 19.8% | 12.8% | 5th highest of 21 |
| Price / book | 2.33× | 1.40× | 8th most expensive of 20 |
| Trailing P/E | 12.9× | 11.7× | 10th most expensive of 20 |
| ROE the price implies | 10.2% | 8.7% | 9th most demanding of 19 |
| ROE delivered | 19.8% | 13.1% | 5th highest of 19 |
| Bond spread | 80 bp | 100 bp | tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Talanx TLX.DE | Germany | $37.6B | +24% | +2% | 20% | 2.33× | 10.2% | 19.8% |
| Daiichi Life 8750.T | Japan | $39.0B | +18% | +17% | 14% | 1.34× | 8.1% | 13.6% |
| Japan Post Hldgs 6178.T | Japan | $39.0B | +24% | 0% | 5% | 0.62× | 4.4% | 4.5% |
| Hannover Rueck HNR1.DE | Germany | $39.6B | +24% | -2% | 22% | 2.66× | 8.3% | 22.4% |
| Prudential Financial PRU | United States | $41.1B | +20% | +4% | 13% | 1.39× | 11.4% | 12.6% |
| Swiss Life SLHN.SW | Switzerland | $33.0B | +14% | 0% | 20% | 4.25× | 15.4% | 20.0% |
| Bajaj Finserv BAJAJFINSV.NS | India | $31.6B | +2% | +17% | 13% | 3.55× | 54.3% | 13.3% |
| Samsung Life 032830.KS | South Korea | $31.0B | -6% | +13% | 3% | 0.29× | 4.5% | 3.2% |
| Cathay Financial Hldg 2882.TW | Taiwan | $47.0B | +42% | -16% | 15% | 1.40× | 7.0% | 14.6% |
| Life Insurance Corp. of India LICI.NS | India | $53.0B | -3% | +11% | 7% | 0.68× | 11.8% | n/a |
| NN Group N.V. NN.AS | Netherlands | $22.4B | +4% | +39% | 9% | 1.08× | 6.9% | 9.2% |
| Manulife Financial MFC.TO | Canada | $72.2B | +13% | +18% | 13% | 2.22× | 13.0% | 12.9% |
| SBI Life Insurance SBILIFE.NS | India | $18.9B | -5% | +18% | 14% | 8.72× | 105.4% | 13.7% |
| Munchener Ruckversicherungs-Gesellschaft MUV2.DE | Germany | $80.3B | +22% | 0% | 21% | 2.13× | 9.0% | 21.4% |
| Kgi Financial 2883.TW | Taiwan | $17.3B | +60% | +32% | 14% | 1.33× | 7.1% | 14.4% |
| Reinsurance Group of America RGA | United States | $17.1B | +24% | +20% | 12% | 1.25× | 8.0% | 11.7% |
| Corebridge Financial CRBG | United States | $14.9B | +25% | +10% | 22% | 2.41× | 19.3% | 21.7% |
| Equitable EQH | United States | $14.1B | +24% | +6% | -183% | n/a | n/a | n/a |
| T&d 8795.T | Japan | $14.0B | +21% | +6% | 9% | 1.32× | 5.6% | 9.3% |
| HDFC Life Insurance HDFCLIFE.NS | India | $13.0B | -10% | +19% | 11% | 6.31× | 72.0% | 11.2% |
| Standard Life SDLF.L | United Kingdom | $12.5B | +25% | +135% | -179% | 38.09× | n/a | -179.3% |
Talanx has 4 bonds outstanding with $2.51B face value. The agencies rate it A; its bonds trade like A. Weighted yield 3.82%, a spread of 80 bp over government bonds.