Talanx AG : Re-underwriting of Fire lines started; positive earnings momentum in 2019e
>Industrial Lines dragged on Q2 18 results - Talanx reported Q2 2018 net income of € 219m (annualized ROE: 10.1%), missing our estimate of € 230m and consensus of € 228m. The shortfall was again attributable to a weak performance in Talanx’s Industrial Lines business. We have now lowered our EPS estimates for Talanx by 4.3% for 2018e but leave 2019e unchanged as Retail International is performing better than expected and 2019e should see first positive effects from th...Talanx is a financial and management holding company. Co. is internationally active in primary insurance and reinsurance and in both property/casualty and life business. In the more than 100 years of Co.'s history, Co. has evolved from a single-line liability insurer for industry into a global insurance group with a focus on the industrial and retail lines and reinsurance business. Through its subsidiaries, Co. is engaged in five business segments: Life/Health Reinsurance; Non-Life Reinsurance; Retail Germany; Industrial Lines; and Retail International.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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