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German insurer Talanx Q2 net profit lower than expected
August 12, 2015 / 5:48 AM / 2 years ago

German insurer Talanx Q2 net profit lower than expected

FRANKFURT, Aug 12 (Reuters) - German insurer Talanx’s net profit fell by more than expected to 60 million euros ($66 million) in the second quarter, as a rise in premiums and investment income failed to offset the impact of of a 155 million euros goodwill writedown announced last month.

Analysts on average had expected quarterly net profit of 78.7 million euros, down from 165 million in the year-earlier quarter, a Reuters poll of banks and brokerages showed.

The goodwill impairment on its life insurance business prompted Talanx on July 28 to cut its group net profit target for 2015, saying it expected to earn between 600 million euros and 650 million compared with a previous goal of at least 700 million. ($1 = 0.9033 euros) (Reporting by Jonathan Gould. Editing by Andreas Cremer.)

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