The international rating agency S&P Global Ratings today upgraded the credit ratings of the Talanx Primary Insurance Group and its core primary insurance subsidiaries from “A+” (Strong) to “AA-” (Very Strong).
From the perspective of S&P Global Ratings, the upgrade reflects the consistent strengthening of the balance sheet as well as the ongoing diversification of earnings streams across business lines and regions. In addition to the very successful development of the Corporate & Specialty division, the expansion in Latin America, where the Talanx Group has now become the second-largest property and casualty insurer for private customers following its latest acquisition, also contributed to this.
"We are very pleased about the upgrade by S&P, because in our view this decision confirms the continuous progress of our Group on the way to diversified and sustainable profitability", comments Dr Jan Wicke, CFO of Talanx AG and HDI V.a.G.
The credit rating upgrade affects the following companies in the Talanx Group:
HDI Haftpflichtverband der Deutschen Industrie V.a.G.
Talanx AG
HDI Global Insurance Co.
HDI Global Network AG
HDI Global SE
HDI Global Specialty SE
HDI Lebensversicherung AG
HDI Versicherung AG (Germany)
neue leben Lebensversicherung AG
Towarzystwo Ubezpieczen i Reasekuracji WARTA S.A.
The following entities are of strategical importance for Talanx and hence rated with “A+ (Strong)” one notch below the Group Credit Rating:
HDI Versicherung AG (Austria)
LPV Lebensversicherung AG
TARGO Lebensversicherung AG
HDI Specialty Insurance Co.
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