talanx group annual report 2011 en

24 Talanx Group. Annual Report 2011
We pursue acquisition opportunities in
other strategically important regions
just as consistently: we check where we
can optimise our activities on our longstanding
markets and at the same time
systematically look around for suitable
partners. With Meiji Yasuda as our cooperation
partner since 2010, we have found a
company that is excellently positioned on
the Japanese market and closely matches
our own targets and objectives. A project
launched in the Eastern Europe region
towards the end of 2011 shows how successfully
this cooperation works: together with
Meiji Yasuda we have agreed a longterm
strategic bancassurance cooperation in
Poland and other selected countries of
Central and Eastern Europe with the Getin
Holding Group. In this connection we have
taken over a majority share in the Polish
TU Europa insurance group*. We also made
a further significant purchase in Poland in
January 2012: Talanx International AG has
reached an agreement with the Belgian KBC
Group to take over 100% of its holding in
the second-largest insurance group in the
country, TUiR Warta S. A.*. Our cooperation
partner Meiji Yasuda is to take over 30% of
the Warta shares immediately after closure
of the purchase.
* subject to the approval of the cognisant regulatory and anti-trust authorities
In industrial insurance we intend to further
expand our business in Europe and
Latin America, (South) East Asia and on the
Arabian peninsula; we are also planning to
set up a branch office in Singapore. Industrial
insurance will continue to play an
important role in meeting Talanx Group’s
earnings expectations going forward.
The Hannover Re group, which constitutes
our Reinsurance Division, operates in an
environment that is volatile by nature. It
pays close attention to the profitability of
its business and consistently pursues cycle
management.
stAble in A volAtile business
The Group’s diversified structure with primary
insurance and reinsurance divisions
helps to keep the Group’s operating result
steady. That is why the reported Group
result never once turned negative in the
last ten years; in the ups and downs of the
insurance industry, that can by no means
be taken for granted. Despite one-off effects
in 2010 and high catastrophe claims
in the year under review, we have been
able to keep our premium income and
result quite steady over the years and to
maintain our strong capitalisation in the
growth phase of recent years.