TALANX (=) : Q1 conference call: Good results, with better to come

Research evidence excerpt

TALANX (=) : Q1 conference call: Good results, with better to come

EQUITIES

INSURANCE

TALANX NEUTRALPRICE* EUR104.8  TARGET PRICE EUR105 (UPSIDE 0%)

FLASH NOTE

Q1 conference call: Good results, with better to come

13 MAY 2026 Securities Research Report Production time: 09:16* (London time)

Research Analyst & Publishing Entities

Iain Pearce BNP Paribas London Branch +44 7435 660 628 iain.pearce@uk.bnpparibas.com

What happened?

A clear conference call from Talanx management following the pre-announced Q1 2026 results. Overall, there is clearly

a lot of confidence in the delivery of the plan and significant prudence being embedded on the Balance Sheet. The

company are confident that the growth rates in Primary Retail and Reinsurance will improve throughout the year,

supporting the delivery of the mid-single digit insurance revenue growth target.

BNPP View:

- Retail international, the reducing headwind in Germany and a better April renewal support the mid-single

insurance revenue growth target: Management were happy to outline the areas which should support the

acceleration in the insurance revenue growth trend over the remainder of the year. Retail International delivered

very strong (12%) currency adjusted growth. Management remain optimistic for continued strong growth in this

segment. In Corporate and Specialty and Reinsurance the April renewals period has been positive, and this should

support a pick-up in topline from these segments. Retail Germany is expected to see the decline turnaround,

although is not expected to be a major contributor to growth.

- Reserve Resiliency: Management indicated that the reserve resiliency in the Primary business is now towards

the upper end of the company’s range.