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.
“Our positive results enable us to act as our clients’ and brokers’ preferred and reliable Partner in Transformation”, HDI Global SE CEO Edgar Puls (pictured above) said.
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.
What are your thoughts on this story? Please feel free to share your comments below.
