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Talanx
TLX.DE Large CapFinancial Services · Insurance - Diversified
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
Talanx AG provides insurance and reinsurance products and services worldwide. The company offers life, casualty, third-party liability, space insurance, legal protection, fire, burglary and theft, tap water, plate glass, storm damage, comprehensive householders, comprehensive homeowners, hail, livestock, engineering, omnium, marine, business interruption, travel assistance, aviation and space liability, credit and surety, extended coverage, fire and fire business interruption insurance products, other property, and other non-life products. It also provides bancassurance activities; motor, life and property, fire, casualty, health, personal accident, and specialty insurance products, unit-linked life, annuity, term life, occupation disability; aviation and agricultural business; coverage fo
Talanx Stock at a Glance
Talanx (TLX.DE) is currently trading at €107.30 with a market capitalization of $27.7B. The trailing P/E ratio stands at 10.46x, with a forward P/E of 9.69x. The 52-week range spans from €100.10 to €126.20; the current price is 15% below the yearly high. Year-over-year revenue growth stands at -3.5%. The net profit margin stands at 5.83%.
💰 Dividend
Talanx pays an annual dividend of €3.60 per share, representing a yield of 3.36%. The payout ratio stands at 26.32%.
📊 Analyst Rating
6 analysts rate Talanx (TLX.DE) on consensus: Buy. The average price target is €119.33, implying +11.21% from the current price. Analyst price targets range from €90.00 to €143.00.
Investment Thesis: Strengths & Weaknesses
- High return on equity (20.08% ROE)
- Analyst consensus: Buy
- Currently flagged as undervalued
- Solid dividend yield of 3.36%
- –Revenue shrinking (-3.5% YoY)
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to relatively defensive market behavior.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Talanx 2026: HDI Industrial Lines, Hannover Re Optionality, and the DAX's Best-Kept Dividend Growth Story
The Real Story
Talanx is probably the least-followed dividend-growth story in German insurance in 2026. The Talanx group — operating through the HDI brand plus a 50.2% stake in Hannover Re — combines industrial primary insurance with reinsurance and delivered Q1/2026 gross premium of €14.8B (+8.1% YoY), adjusted EBIT €720M (+12.4% YoY), and a group RoE of 14.7% — the highest among DAX-listed insurers.
The structural 2026 story has two levers: (1) the Hannover Re consolidation value — Talanx's 50.2% stake in Hannover Re (~€35B market cap) holds a hidden value of roughly €17.5B, nearly 70% of Talanx's own market cap. (2) Industrial Lines in a hard market — HDI Industrial Lines is benefiting heavily from the ongoing hard market in industrial insurance (cyber, property, liability). Q1/2026 combined ratio: 93.2% — the best quarter since the Hannover Re carve-out.
The dividend story is unusually attractive in 2026: Talanx plans a €2.90 dividend for FY2025 (from €2.35 in 2024) — a 23% increase. At the current share price that yields 3.8%. More importantly: Talanx has raised the dividend in 14 of the last 15 years and communicates a clear 35–45% payout-ratio corridor, which combined with 8–10% EPS growth means more hikes are mechanically baked in.
What Smart Money Thinks
The shareholder register is unusually stable in 2026: HDI V.a.G. (the mutual insurance holding, principal owner) holds 78.9% of Talanx shares — leaving a structurally thin 21.1% free float. BlackRock at 2.1%, Norges Bank 0.8%, DWS 1.2%.
Notable mover: Fidelity Investments built a first 0.9% Talanx position in Q4/2025 — highly unusual for a German insurance mid-cap with a constrained free float. Their shareholder letter said: ‘Best risk-adjusted earnings yield in European insurance’. Sell-side: Berenberg raised Talanx to European Top Pick in insurance in early 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
The 50.2% stake in Hannover Re has a market value of ~€17.5B. Against Talanx's ~€25B market cap, that implies the rest of the business (HDI Industrial + Retail) is valued at just €7.5B — only ~4× EBIT (€1.8B). That is absurd cheapness.
Talanx has raised the dividend in 14 of the last 15 years (only exception: COVID 2020). With 8–10% projected EPS growth and a stable 35–45% payout corridor, further hikes are mechanically baked in.
Cyber insurance premiums rose 12% in 2025, industrial property lines 8%. The hikes reflect rising natural-catastrophe frequency and geopolitical risk. HDI Industrial benefits directly with combined ratios below 93%.
📉 The 3 Real Bear Points
At only 21.1% free float, Talanx cannot move into MSCI Standard indices, and many institutional buyers with minimum-liquidity rules cannot hold it. That structurally limits multiple expansion.
Investors who own both Talanx and Hannover Re are exposed to the exact same loss events. A severe nat-cat season in 2026/27 could push both down 15–20% simultaneously.
If cyber premiums plateau or fall in 2027 (more capacity floods the market), the margin lever disappears. Combined ratios could revert from 93% to 97% — about €250M of lost EBIT.
Valuation in Context
Talanx trades at 9.8× 2026 P/E and 1.2× P/B — cheap versus Allianz (12× P/E, 1.7× P/B) and Munich Re (11× P/E, 1.5× P/B). SOTP: Hannover Re stake €17.5B, HDI Industrial €8–10B, HDI Retail Germany €3–4B, HDI Retail International €4–5B = €32.5–36.5B EV minus €5B of holding net debt = €27.5–31.5B of equity, ~€110–125 per share. The current price (~€95) is 16% below fair value. Dividend yield 3.8% on a 14-year growth track record.
🗓️ Next 3 Catalyst Dates
- May 2026: AGM with the €2.90/share dividend vote (planned). The 15th hike in 15 years — a quality-compounder signal.
- August 2026: Q2/2026 earnings with the hard-market renewals update for industrial lines. Market expects stable to rising combined ratios.
- November 2026: Investor Day with a potential lift of the 2028 mid-term target from €7B to €8B of EBIT — if the hard market holds.
💬 Daniel's Take
Talanx is my preferred ‘hidden quality dividend compounder’ in German insurance for 2026. The 3.8% yield, 8–10% EPS growth, and SOTP discount produce a cleanly asymmetric setup. I run 3% portfolio weight via monthly DCA. If you want pure Hannover Re leverage, hold HNR1.DE directly — but if you also want industrial-hard-market exposure, Talanx is the better wrapper.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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