HDI Global, a commercial and specialty lines insurer, has reported an improved year-over-year combined ratio of 90.5% from 92.7% for the first nine months of the year.
The improvement was attributed to higher investment volumes and increased interest income, with the net insurance financial and investment result (excluding currency effects) rising to EUR 65 million.
Insurance revenue reached EUR 7.3 billion for the first nine months of 2024, an 11% increase from EUR 6.6 billion in the same period last year. This growth was driven by new business and inflation-related price adjustments in existing business.
The insurance service result rose significantly to EUR 692 million, up from EUR 481 million, largely due to a better frequency loss ratio.While large loss payments increased to EUR 313 million from EUR 267 million, they remained EUR 48 million below the pro rata budget for the period. A significant portion of the large loss budget was attributable to Natural Catastrophes.
HDI Global also reported a strong improvement in operating profit, up from EUR 293 million to EUR 479 million. Its contribution to Talanx Group’s net income grew from EUR 243 million to EUR 362 million.
Return on equity for the first nine months rose to 16.4%, compared to 13.4% in the same period last year.
Edgar Puls, Chairman of HDI Global SE Executive Board, commented, ”We are grateful for the trust our broker partners and clients have put in us in an ever-changing risk environment.”
He continued, “They regard us as their preferred Partner in Transformation due to our global expertise even in novel risks. Acting as a one-stop-shop, HDI Global can cater to all needs in the Corporate and Specialty segments. What makes me particularly happy is that all our branches worldwide have contributed to this strong result. It shows that our approach of working locally with our clients and broker partners is highly appreciated. This is also reflected in our leadership of more than 5,100 international programmes: we accompany our clients throughout the entire world and constantly expand our global presence. A major recent highlight was the opening of our office in Dubai.”
“We are all currently paying the price for climate change,” observed Puls. “This was again clear in the past quarter. As a result, our resiliency services News Release 2 in the field of climate risk reporting and prevention are very well received by our partners and brokers. We also address the increasing regulatory pressure for our clients with our holistic ESG Liability coverages through a dedicated team. In that regard we are global pioneers and cater specifically to our clients’ new needs.”
Puls concluded, “I would like to express my gratitude for this result to our often long-standing clients and partners as well as our employees.”
“Worldwide, they work to provide the best solutions for our partners. This performance culture creates a positive working environment and is reflected in the figures.”
