Quarterly Statement as of 30 September 2022

QUARTERLY STATEMENT

other things, this is due to our comparatively low exposure to Hurricane "Ian". Our strategy, with its decentralised divisions and extensive diversification across different countries, lines and risks has clearly proven to be right once more. The third quarter in particular has demonstrated the solid state of our primary insurance operations. Moreover, the profitability enhancement measures in the Industrial Lines Division are having an extremely positive effect. All in all, we remain extremely optimistic that we shall meet our ambitious goals in 2022", said Torsten Leue, Chairman of Talanx AG's Board of Management.

The Talanx Group's primary insurance operations (consisting of the Industrial Lines, Retail Germany and Retail International divisions) contributed significantly to the Group's strong business performance. Gross written premiums for the primary insurance area rose by 11.0 percent to EUR 16.7 (15) billion. As a result, its share of premiums remained almost constant at 39 (6M 2022: 40) percent. Its nine-month contribution to Group net income rose to 44 (6M 2022: 43) percent, or EUR 350 million.

The combined ratio rose slightly year-on-year in the reporting period up to 30 September 2022, to 98.6 (97.6) percent, due to the reserves booked for Ukraine and losses from natural disasters. The Talanx Group has now booked reserves of EUR 361 million for potential claims expenses arising from Russia's war of aggression against Ukraine. Total claims paid for losses from natural disasters in the first nine months were EUR 1.4 billion, with EUR 350 million being attributable to Hurricane "Ian". Overall, large losses rose to almost EUR 1.9 billion. Industrial Lines recorded large losses of EUR 316 million, while EUR 1,484 million are related to Reinsurance. The large loss budget for the first nine months of the year was EUR 1.4 billion.

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QUARTERLY STATEMENT

Net investment income amounted to EUR 2.6 (3.5) billion, largely due to the fact that it was no longer necessary to realise hidden reserves to finance the Zinszusatzreserve (ZZR - additional interest reserve). Operating profit rose 6.9 percent to EUR 2.0 (1.8) billion and Group net income by 8.6 percent to EUR 785 (723) million.

Third quarter: clear increase in Group net income

In the third quarter, the Talanx Group's gross written premiums increased by 20.4 percent year-on-year to EUR 13.3 (11.1) billion. The underwriting result improved significantly by 81.2 percent to EUR -117(-622) million, while net investment income was EUR 711 (1,128) million. Operating profit rose by 20.1 percent to EUR 608 (506) million, while Group net income climbed 27.1 percent to EUR 225 (177) million.

Industrial Lines: strong double-digit premium growth in the specialty, liability and property business in particular

Premium growth at the Industrial Lines Division rose by a clear double- digit 17.8 percent in the first nine months, to EUR 6.9 (5.8) billion. Adjusted for currency effects, the increase amounted to 12.7 percent. The liability and property businesses and speciality risks were the main growth drivers. HDI Global Specialty generated roughly half of the growth, lifting premium income year-on-year by EUR 456 million to EUR 2.2 billion. A positive trend in frequency losses helped to restrain the combined ratio for the Industrial Lines Division at a level of 96.7 (98.6) percent, despite the impact of Russia's war of aggression in Ukraine and of Hurricane "Ian". As a result, the Industrial Lines Division is on track to meet its medium-term target of 95 percent. This underscores yet again how successful the measures taken since 2019 to enhance profitability in the division have been. Client claims expenses relating to natural disasters, and especially Hurricane "Ian", the floods in

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QUARTERLY STATEMENT

Australia and the reserves recognised for losses arising from Russia's war of aggression in Ukraine led to a rise in total large losses. This impacted the division in the first nine months, although at EUR 316 (340) million the figure was lower than in the previous period. Operating profit for the division rose to EUR 159 (151) million in the first nine months. The division's contribution to Group net income increased to EUR 113 (101) million year-on-year.

In the third quarter, gross written premiums jumped by 19.9 percent year- on-year to EUR 2.0 (1.6) billion; currency-adjusted, the increase represents 12.0 percent. The combined ratio fell to 97.0 (99.1) percent. Operating profit rose to EUR 57 (54) million, while the contribution made by the division to Group net income climbed to EUR 42 (32) million.

Retail Germany: premium growth in line with strategy

At EUR 4,643 (4,633) million, the Retail Germany Division slightly improved its premium level year-on-year in the first nine months. In line with its growth strategy, the division grew premiums in its business with small and medium-sized enterprises and in liberal professions. Operating profit was EUR 177 (234) million. While claims expenses rose due to the impact of higher large losses and an inflation-driven increase in claims costs, net investment income fell substantially, since it was no longer required to realise hidden reserves to finance the ZZR. The division's contribution to Group net income was EUR 97 (131) million.

Property/Casualty Insurance segment: double-digit increase in premiums

Gross written premiums in the Property/Casualty segment rose by a double-digit 10.3 percent in the first nine months to EUR 1.4 (1.3) billion, primarily as a result of growth in motor insurance and in the business

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QUARTERLY STATEMENT

with small and medium-sized enterprises and liberal professions. Moreover, growth in unemployment insurance was recorded. The combined ratio was 99.9 (96.8) percent and was dominated by claims expenses resulting from natural disasters (the storms in February and low-pressure system "Emmelinde" in May). In addition, claims frequency levels for motor insurance returned to pre-pandemic levels in the first nine months. Moreover, higher inflation strongly impacted average loss amounts. Consequently, operating profit for the reporting period amounted to EUR 36 (99) million.

In the third quarter, gross written premiums increased by 9.0 percent year-on-year to EUR 301 (276) million. The combined ratio was 100.8 (108.0) percent. An operating profit of EUR 3 (-3) million was recorded.

Life Insurance segment: increases in biometric business and bancassurance

In the first nine months, premium income in the Life Insurance segment (including the savings elements of premiums from unit-linked life insurance) stood at EUR 3.2 (3.3) billion. This was predominantly driven by a decline in the single-premium business. New life insurance products business - measured using the annual premium equivalent (APE), the international standard - rose 4.7 percent to EUR 295 (282) million. Net investment income fell appreciably since there is currently no need to make a financial contribution to the ZZR. Operating profit increased by 4.4 percent to EUR 141 (135) million.

In the third quarter, premium volumes in the Life Insurance segment totalled EUR 986 (1,124) million. Net investment income amounted to EUR 145 (458) million, while operating profit was EUR 43 (79) million.

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