HDI Global SE reported a full-year insurance revenue of €10.0 billion for 2024, reaching double-digit billions for the first time.
The insurer, part of the Talanx Group, also recorded a combined ratio of 90.0%, down from 91.5% the previous year. Operating profit (EBIT) rose to €702 million from €446 million and return on equity increased by 3.3 percentage points to 17.6%.
The company attributed the results to new business growth and price adjustments linked in part to inflation. Its insurance service result rose to €1.004 billion, up from €770 million, supported by an improved loss ratio for frequency losses.
Large loss payments increased to €402 million from €334 million but remained below the budgeted €468m due to a lower number of man-made losses. However, the natural catastrophe budget was exceeded.
Net insurance financial and investment result before currency effects rose to €83 million from €11 million, driven by increased investment volumes and higher current interest income. HDI Global’s contribution to Talanx Group net income totalled €501 million, up from €351 million.
S&P Ratings also recently upgraded HDI Global to AA-, which the company said reflects its long-term position in the market.
The group’s latest results are also part of a continuing trend. For 9M 2024, the corporate and specialty insurer recorded insurance revenue of €7.3 billion, an 11% increase from €6.6 billion in the prior-year period, both before and after currency adjustments.
In 2023, insurance revenues saw a 10% increase, reaching €9.1 billion. There was also a 4% rise in operating profits, totalling €446 million, and a 13% increment in net income, which amounted to €351 million.
In Singapore, HDI Global concentrated on expanding services, contributing to the wider group's results. Managing director Alex Tarantino (pictured above) noted continued growth in both Singapore and the broader APAC region.
The branch launched an Energy Hub to support clients amid the energy transition and added political risk cover to its offering. A new office in Dubai was also opened.
Tarantino said the Singapore office now manages 30 international programmes and will continue expanding its Energy Hub and other lines in 2025. He also highlighted opportunities in Malaysia, Thailand and Indonesia, as well as ongoing efforts in Alternative Risk Transfer through captive services.
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