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 totaled €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, totaling €446 million, and a 13% increment in net income, which amounted to €351 million.
HDI Global Insurance Company, the US arm of HDI Global SE, reached $1 billion in gross written premiums in 2024.
CEO Jim Clark (pictured above) said the figure includes new partnerships, such as with Hallmark Insurance, and product expansions including a Cyber facultative facility and specialized teams in Life Science and Environmental insurance.
Clark said 2025 will see implementation of the Guidewire Policy Center system, which is expected to improve underwriting processes. He said the company remains focused on growth and service delivery despite challenges in the US market, including tort reform and nuclear verdicts.
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