HDI Global SE reports “good” first quarter

HDI Global SE reports “good” first quarter | Insurance Business America

Insurance News

HDI Global SE reports “good” first quarter

Net income, operating profit both up

Insurance News

By
Terry Gangcuangco

HDI Global SE, the industrial insurer under Talanx Group, has reported what it described as a good first three months of 2024.

The company’s combined ratio in the quarter improved by 1.4 percentage points to 91.8%, while insurance revenue grew from €2.1 billion to €2.3 billion. Operating profit in Q1 rose significantly to €140 million from €86 million in the same period in 2023. Net income also saw an increase, reaching €104 million compared to last year’s €69 million.

“With the good results in the first quarter, HDI Global has made a very promising start into the new financial year,” chief executive Dr Edgar Puls (pictured) commented when the quarterly earnings were announced.

“The financial numbers allow us to further pursue our ambition to support our clients as their Partner in Transformation, be it the transformation to a carbon-free world, increased digitalization, autonomous vehicles, offshore wind farms, new fuels and energy sources, as well as the need for climate risk prevention in general.

“I am thankful for our clients’ and our broker partners’ continuous trust in us.”

According to HDI Global SE, the 13% increase in its insurance revenue was driven mainly by inflation-related price adjustments and new business in property, liability, and specialty insurance. Adjusted for currency effects, the revenue growth was 14%.

The firm’s insurance service result, meanwhile, climbed by 37% to €192 million, attributable to a better loss ratio for natural disasters and frequency losses. Additionally, aggregate large losses amounted to €17 million, down from €34 million in the previous year, contributing to the improved combined ratio.