HDI Global posts 91.1% CoR in H1’24, insurance revenue reaches €4.8bn

Industrial insurer HDI Global SE, part of the Talanx Group, has posted a combined ratio of 91.1% for the first half of 2024, an improvement from 93.1% from the same period in 2023.

At the same time, the company’s insurance revenue totaled €4.8 billion for the period, a 14% increase from €4.2 billion in the prior year.

The operating profit climbed to €305 million in H1’24, compared to last year’s €190 million, while HDI Global’s contribution to Talanx Group net income rose to €223 million, a notable increase from the prior year’s €151 million.

HDI noted that growth in new business and inflation-related price adjustments within  property, liability and specialty insurance business were the main drivers for growth in revenue and earnings throughout the period.

Furthermore, the company’s insurance service result climbed 47% to €429 million, a solid increase from €292 million in the prior year, due to an improved loss ratio for frequency losses.

HDI also noted that large loss payments amounted to €128 million in H1’24, compared to €134 million from last year.

In addition, the net insurance financial and investment result before currency effects rose increased from €49 million to reach €68 million, which HDI stated was due to higher investment volumes and an increase in current interest income.

Dr Edgar Puls, CEO HDI Global SE, commented: “HDI Global has delivered strong results in the first half of the year, despite the worldwide surge in Natural Catastrophe large loss incidents. Our results demonstrate the dedication of our staff, the discipline of our underwriting, and our adaptability in providing tailor-made solutions in the face of changing environment. The results are also a testament to the trust our clients and broker partners place in us, allowing us to continue performing as their reliable long-term Partner in Transformation.”

Adding: “Our large losses are dominated by NatCat events, reflecting a broader trend where societies worldwide face the costs of climate change. This situation demands global transformation and adaptation. Besides supporting the path towards a carbon-free world, HDI Global is also fervently committed to supporting ongoing transformations in mobility, digitalisation, new energy forms, and the increasing use of generative AI. We play a pivotal role during these changes, wherein new technologies and preventive measures are vital. Thanks to our financial stability and customised solutions for new or intensified risks, we operate as a predictable force, empowering our clients to capture opportunities amid these transformations.”

Concluding: “While the anticipated hurricane season signals potential challenges, our stability ensures that we remain a reliable partner to the global industry, even in turbulent times. Thanks to the talent within our group, HDI Global offers leading expertise and partnership to our clients. By maintaining a close dialogue with our broker partners and clients, and involving ourselves in projects from an early stage, we will continue to satisfy the individual risk transfer needs of the global industry.”

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