German insurance giant Talanx debuts on WSE
April 24, 2014
Herbert K. Haas
German insurer Talanx, the owner of Polish insurers Warta and TU Europa, rose 5.49% to PLN 120 upon its debut on the Warsaw Stock Exchange on Wednesday.
Talanx, the eighth largest player in Europe, also listed in Frankfurt and Hannover, was obliged to float on WSE after taking over Warta and TU Europa. It didn’t offer any shares.
Talanx expects gross written premiums on the Polish market to achieve a mid-single-digit growth this year and hopes insurance policy prices to rise in H2, Talanx officials told PAP Polish news agency.
"We don't expect large increases of premiums in the coming six-eight months," CEO Herbert K. Haas said. "We expect premium growth in Poland this year to be on a mid-single-digit level."
In such an environment Talanx adopts an anti-cyclical approach to the market, the CEO said.
"When prices are not adequate in comparison to risk, we are not bothered by losing market share, and when prices are growing in relation to risk, we expect market share growth," he said.
Talanx is Poland's second largest insurance group operating via Warta, TU Europa and HDI brands.