Talanx Insurer Advances on First Day of Warsaw Bourse TradingPiotr Bujnicki
Talanx AG, Germany’s third-biggest insurer, rose on its first day of trading on the Warsaw Stock Exchange.
The stock climbed as much as 5.5 percent to 120 zloty and traded at 114 zloty at 9:14 a.m. in Warsaw, compared with a reference price of 113.75 zloty set by the bourse yesterday. Talanx is the ninth company to debut on the exchange’s main market this year. Fifty-seven companies are traded on central Europe’s biggest equity market, including Italy’s UniCredit SpA, Czech utility CEZ AS and Hungarian oil company Mol Nyrt.
The listing is part of Talanx’s agreement with Poland’s financial supervisor in 2012 when the Hanover, Germany-based insurer got approval to take over Warsaw-based insurer Warta SA and its Wroclaw-based competitor Europa SA to become the second biggest insurer in Poland. Talanx went public in 2012, gaining funds for expansion in industrial insurance coverage and repaying loans for its Polish purchases.
Its main competitor in Poland is Warsaw-based PZU SA and Austria’s Vienna Insurance Group AG.
Full-year profit climbed 22 percent to 762 million euros ($1.1 billion) in 2013, boosted by the sale of Swiss Life Holding AG. Talanx, led by Chief Executive Officer Herbert Haas, is targeting profit of at least 700 million euros in 2014.