Talanx net income falls in line with expectations
FRANKFURT May 15 (Reuters) - German insurer Talanx's net profit fell 7 percent as expected in the first quarter, hit by slightly lower premiums compared with a year-earlier quarter that also saw a strong capital gain.
Gross written premiums fell 1 percent to 8.4 billion in the quarter, but Talanx said this was mainly due to currency declines in its main foreign markets of Brazil, Mexico and Turkey. Talanx also confirmed its 2014 financial targets.
Quarterly net profit was 192 million euros ($263 million), compared with a 190 million euro average of six forecasts in a Reuters poll of banks and brokerages.
Net profit in the first quarter of 2013 was 208 million euros, boosted by a 22 million euro gain from the sale of a stake in insurer Swiss Life.
($1 = 0.7294 Euros) (Reporting by Jonathan Gould; Editing by Thomas Atkins)
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