Berenberg Revises Talanx Estimates, Price Target After Review of Divisional Forecasts

09:18 AM EDT, 07/29/2026 (MT Newswires) -- Berenberg updated its estimates and price target for Talanx (TLX.F) following a review of its divisional forecasts. "The reason for our continued high confidence in the ability of Talanx to generate strong operating profit (EBIT) growth is that the group's business model is very balanced. This is reflected in the fact that we only cut our group EBIT CAGR over 2025-28E from 8% to 7%, even though we cut our EBIT CAGR for Retail International, the group's largest division in the Primary Insurance segment, from 18% to 11%. The reduction in our Retail International forecast reflects the fact that, after further consideration, we were too optimistic about the contribution of the Mexico acquisition and also about EBIT growth in Poland," according to a Wednesday note. Meanwhile, the research firm raised its EBIT forecast for the German financial services company's Corporate & Specialty division to a compound annual growth rate of 8% from 2% over 2025 to 2028, reflecting expectations of "relatively stable" margins in the future, thanks to its "disciplined" underwriting. For Retail Germany, EBIT CAGR over the same period was increased to 21% from 17%, mainly due to a "relatively low" 2025 EBIT base and expected "solid growth" in life insurance. Against this backdrop, Berenberg lowered its net income and adjusted EPS forecasts from 2026 to 2028. Dividend per share estimates were left unchanged across the three-year period. The buy-rated stock's price target was trimmed to 158 euros from 160 euros.