HDI Global reports improved CoR of 90% for FY’24

HDI Global, a commercial and specialty lines insurer, reported an improved combined ratio of 90% for full-year 2024, down from 91.5% the year prior.

The net insurance financial and investment result before currency effects rose to €83 million from €11 million in FY23, driven by higher investment volumes and increased current interest income.

Insurance revenue hit the milestone of €10 billion for the first time, marking a 10% increase from €9.1 billion in FY’23. HDI Global attributed this to growth in new business and partly inflation-related price adjustments in existing business.

The insurance service result climbed to €1.004 billion from €770 million, supported by an improved loss ratio for frequency losses.

During the year, large loss payments rose to €402 million from €334 million in 2023, but the firm confirms were below the budgeted figure of €468 million as a result of lower man-made-losses. However, the nat cat budget was exceeded in 2024, reflecting the ongoing trend for increasing losses in this area.

HDI Global also reported an improved operating profit, reaching €702 million from €446 million.

Return on equity for FY’24 improved by 3.3 percentage points to 17.6%, up from 14.3%.

Additionally, HDI Global recently received an S&P Ratings upgrade to AA- (Very Strong), underscoring its long-term reliability.

“Our positive results enable us to act as our clients’ and brokers’ preferred and reliable Partner in Transformation”, says Edgar Puls, CEO of HDI Global SE. “For this, we aim to be financially strong for decades to come.”

He added, “These strong figures for 2024 are our basis to continue acting as a leading one-stop shop for all our clients. Strategically, HDI Global’s risk diversification is strong, enabling us to be a stable, predictable and reliable partner. I am proud to say that we achieved these full-year results through profitability in all regions of the world. Offering solutions in more than 175 countries, we are a leading worldwide insurer for multinational clients when it comes to International Programmes. Thank you to our broker partners and clients for your continued trust. Thank you, as well, to our more than 5,000 employees worldwide who contributed to our good result by putting our performance culture into action.”

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