HDI Global announces strong half year results
Authored by HDI
Industrial insurer HDI Global SE has reported positive financial results for the first half of 2024 with growth in both revenue and earnings. The main drivers for this encouraging trend were the growth in new business and inflation-related price adjustments. HDI Global’s UK & Ireland branch had a successful first half-year, with general growth and particularly strong performances in Liability and Motor. The branch contributed to the positive overall result of the Germany based multi-national industrial insurer belonging to the Talanx Group.
“I am excited about the progress HDI has made so far in 2024”, says Stephanie Ogden, CEO HDI Global UK & Ireland as of 1 September. “Under Richard Taylor’s leadership, our business in the UK and Ireland has been successful in achieving our ambitious plans for profitable growth, despite a competitive and challenging market environment. Whilst this is central to our strategy, we continue to prioritise and maintain our underwriting discipline to ensure we are a sustainable long-term partner for our brokers and clients. Being their preferred Partner in Transformation involves an open dialogue and providing innovative solutions, for instance, in the area of battery energy storage systems, investigation of safer and greener energy alternatives, and working closely with clients around environmentally friendly construction methods.”
On a worldwide scale, HDI Global generated clear growth in both reve-nue and earnings. Insurance revenue rose 14 percent year-on-year in the first half of the year to EUR 4.8 (4.2) billion; the figure after adjust-ment for currency effects was also 14 percent. The main drivers for this encouraging trend were the growth in new business and inflation-related price adjustments in the Property, Liability and Specialty insurance business. The insurance service result jumped 47 percent to EUR 429 (292) million on the back of an improved loss ratio for frequency losses.
Large loss payments amounted to EUR 128 (134) million, undershooting the pro rata budget for the period, which was recognised in full, by a clear EUR 86 million. The combined ratio improved to 91.1 (93.1) percent. The net insurance financial and investment result before currency effects rose to EUR 68 (49) million due to higher investment volumes and an increase in current interest income. Operating profit (EBIT) climbed to EUR 305 (190) million, while HDI Global’s contribution to Talanx Group net income rose to EUR 223 (151) million.
Given HDI Global’s robust worldwide results, Ogden remains optimistic for the second half of the year in the UK and Ireland:
“As I return to the business in September, it is important we continue driving our long-term growth plans. By combining consistent delivery with straightforward, transparent ways of working, HDI will remain a partner of choice for our brokers and clients. We are also concentrating on our Captive proposition and International Programmes – two key areas where HDI naturally stands out.” – Stephanie Ogden, CEO HDI Global UK & Ireland
