May 15, 2017 / 8:09 AM / 6 months ago

Talanx CEO: More likely to revise 2017 profit target up than down

FRANKFURT, May 15 (Reuters) - German insurer Talanx said on Monday it was more likely to revise up its full-year profit forecast than down.

Chief Executive Herbert Haas said he was still cautious given that it was only May, but “I can’t deny that at the moment the sky is a bit more sunnier than cloudier”.

Talanx expects its 2017 profit to come to around 800 million euros ($875 million), a decline from 2016, as it and the industry as a whole face fierce competition and low interest rates.

Some analysts believe that Talanx’s outlook is too conservative, with consensus in a Reuters poll at 828 million.

“Overall I would confirm your observation that basically the trend is more on the positive side than on the negative side,” Haas told analysts in response to a question on a conference call after Talanx published first-quarter results.

$1 = 0.9138 euros Reporting by Tom Sims; Editing by Maria Sheahan

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