The latest results update from HDI Global;
Corporate & Specialty Insurer HDI Global is living up to its mission of long-term reliability for its global clients and brokers, continuing its growth in revenue and profitability. Reporting on the results after nine months the combined ratio improved to 90.5 percent from the same period last year. The insurance revenue came in at EUR 7.3 billion. The operating profit was EUR 479 million, up from EUR 293 million.
”We are grateful for the trust our broker partners and clients have put in us in an ever-changing risk environment,” says Dr Edgar Puls, Chairman of HDI Global SE Executive Board.
“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.”
After three quarters, HDI Global’s insurance revenue increased 11 percent year-on-year to EUR 7.3 (9M 2023: 6.6) billion; the figure after adjustment for currency effects was also 11 percent. The positive development was driven by both new business and inflation-related price adjustments in existing business. On the back of an improved frequency loss ratio in particular the insurance service result rose to EUR 692 (481) million. Large loss payments increased year-on-year to EUR 313 (267) million but undershot the pro rata budget for the period, which was recognised in full, by EUR 48 million. A major share of the utilisation of the large loss budget is attributable to Natural Catastrophes.
“We are all currently paying the price for climate change,” observes Dr Puls. “This was again clear in the past quarter. As a result, our resiliency services 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.”
HDI Global’s combined ratio improved to 90.5 (92.7) percent. Due to higher investment volumes and an increase in current interest income the net insurance financial and investment result before currency effects rose to EUR 65 (22) million. The operating profit grew to EUR 479 (293) million and the contribution to Talanx Group net income to EUR 362 (243) million. The return on equity after nine months came in at 16.4 (13.4) percent.
“I would like to express my gratitude for this result to our often long-standing clients and partners as well as our employees,” emphasises Dr Puls. “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.”
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