Industrial insurer HDI Global SE has reported double-digit growth in gross written premiums and an improved combined ratio for 2022, underpinned by strong performances in liability and property lines, as well as new business growth in its specialty line portfolios.
The company’s UK & Ireland branch contributed significantly to the positive overall result of the Hannover based multi-national industrial insurer, which is part of the Talanx Group.
On a worldwide scale, HDI Global grew its premium income by 17.9% in financial year 2022 to €8.9 billion, with growth driven both by new business and by rate adjustments, partly as a result of inflation.
HDI Global Specialty grew premium income by €660 million year-on-year to €3.1 billion and Commercial Lines rose by €693 million.
Additionally, a drop in frequency losses pushed down the combined ratio for the HDI Global to 95.7%, from 98.7% previously, despite an increase in total large losses and inflation effects.
High large loss claims due to natural disasters such as Hurricanes Ian and Fiona and the floods in Australia impacted business by €270 million, while reserves for losses in relation to Russia’s war of aggression against Ukraine totalled €36 million.
However, losses from Winter Storm Elliott in Q4 drove just under €17 million of losses, which HDI says reflects the restructuring efforts it has already undertaken regarding its property portfolio.
Operating profit for HDI Global climbed to €252 million in the financial year, up from €196 million in the previous year, and the division contributed €177 million to the Talanx Group’s net income, again up from €143 million previously.
“Thanks to the dedication and hard work of our people in the UK and Ireland, together with the fantastic support from our brokers and clients, we continued to grow our UK & Ireland business, increasing our gross written premiums to EUR 1.5 billion,” commented Richard Taylor, CEO of HDI UK & Ireland.
Stephanie Ogden, Managing Director HDI Global SE – UK and Ireland, further stated: “In 2022, all product lines grew by a double-digit margin. We also made some key international appointments which resulted in our proposition becoming stronger and louder. Already 2023 has started very promisingly as we are working closer together with our Specialty colleagues and entering into new markets.”
Rafael Rebitzky, Managing Director HDI Global Specialty SE – UK, added: “Showing one face to the market as ‘one HDI’ will further strengthen our market reputation. In specialty insurances, we are already perceived as a leading market player across several lines of business, such as Bloodstock, Political Risk and Contingency. As the London market is constantly evolving, we will remain vigilant to opportunities for us to further improve our offering and retain our reputation as a go-to market.“