HDI Global has reported continued growth in revenue and profitability for the first nine months of the year, with its combined ratio improving to 90.5%.
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. Operating profit rose to €479 million, compared to €293 million in the same period last year.
Dr Edgar Puls (pictured above), chairman of HDI Global SE’s executive board, attributed the performance to strong client and broker relationships and the company’s ability to address evolving risk environments.
“What makes me particularly happy is that all our branches worldwide have contributed to this strong result,” Puls said. “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.”
The growth in insurance revenue was driven by new business and inflation-related price adjustments. HDI Global’s insurance service result increased to €692 million, up from €481 million, supported by a lower frequency loss ratio.
Large loss payments rose to €313 million from €267 million year-on-year, with a significant portion attributed to natural catastrophes, though they remained €48 million below the pro rata budget for the period.
Puls pointed to the impact of climate change on the insurance landscape, stating that HDI Global’s resiliency services, including climate risk reporting and prevention, have been well received by brokers and partners.
“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,” he said.
The combined ratio improved to 90.5% from 92.7%. Net insurance financial and investment results, before currency effects, rose to €65 million, up from €22 million, driven by higher investment volumes and increased current interest income.
The company’s return on equity after nine months reached 16.4%, up from 13.4%, while its contribution to Talanx Group net income increased to €362 million from €243 million.
“I would like to express my gratitude for this result to our often long-standing clients and partners as well as our employees,” Puls said. “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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