Talanx outlines 3 preconditions for IPO-paper

FRANKFURT, Jan 14 (Reuters – German insurer Talanx
has three preconditions before it will seek an initial public
share offering, Chief Financial Officer Immo Querner told German
paper Boersenzeitung.

The market environment has to be receptive for insurance
shares, Querner told the paper.

The company also needs to adjust its information technology
and accounting capacity to enable quarterly earnings reports.

Finally, Talanx needs to have an idea «where to invest the
proceeds», Querner said, adding that the company was on the
lookout for acquisition targets as well as focussed on organic
growth.

As far as acquisitions are concerned, Talanx wants to ensure
that the price difference between the cost of buying a new
business and what it can raise from selling new shares is not
disproportionate, Querner told the paper.

Querner added that not all acquisitions depend on whether or
not the company seeks a listing.

A listing would also allow Japan (EUREX: FMJP.EX – news ‘s Meiji Yatsuda Life to
convert a 300 million euro convertible bond into Talanx shares,
Querner said.

Talanx and Meiji Yatsuda Life have a long-term strategic
bancassurance cooperation with the Getin Holing Group
in Poland and selected Central and Eastern European countries.

In December Talanx and Meiji Yasuda Life announced a joint
bid for Poland’s TU Europa, the insurance arm of Getin
Holding.

Asked whether 2011 was the worst year for natural disasters,
Querner said, «from today’s point of view probably not».

He said the situation in Thailand remained unclear following
the floods there last year.

Asked whether Talanx would achieve a combined ratio of 102
percent for the full year, as it had in the first nine months of
the year, Querner said he could not comment until the company
publishes earnings on March 22.

The combined ratio measures earnings from underwriting
against the payouts from claims. A ratio above 100 percent means
a company is paying out more money in claims than it is
receiving in premiums.

Talanx has appointed investment bank Rothschild to
advise the insurer about an IPO, Querner said.

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