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UPDATE 1-Talanx confirms outlook as weak investment dents profit
August 14, 2014 / 6:10 AM / in 3 years

UPDATE 1-Talanx confirms outlook as weak investment dents profit

* Q2 net profit 165 mln eur vs 174 mln in Reuters poll

* Q2 operating profit 451 mln eur vs poll 467 mln

* Confirms FY target of at least 700 mln eur (Adds company quote, background)

FRANKFURT, Aug 14 (Reuters) - German insurer Talanx’s stuck to its 2014 outlook after earnings fell more than expected in the second quarter, hurt by a decline in investment income compared with a year earlier, when the company sold a stake in insurer Swiss Life.

Quarterly net profit fell 19 percent to 165 million euros ($220 million), compared with a 174 million euro average of forecasts in a Reuters poll of banks and brokerages and 204 million euros in the same quarter last year.

“Talanx continues to aim for group net income of at least 700 million euros,” Germany’s third biggest insurer said in a statement on Thursday, referring to its full-year target.

Analysts polled by Reuters on average expect net profit of 758 million euros this year.

Talanx’s share has risen 4.6 percent since the beginning of the year, outpacing a flat the STOXX Europe 600 insurance index .

1 US dollar = 0.7487 euro Reporting by Jonathan Gould; Editing by Maria Sheahan

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