HDI Global’s insurance revenue climbs 10% to €9.1bn in 2023, CoR lands at 91.5%

Industrial insurer HDI Global SE, part of the Talanx Group, has reported insurance revenue increased by 10% in 2023, reaching €9.1 billion, while its combined ratio improved to 91.5%.

HDI Global noted that the growth in insurance revenue was primarily driven by the property and liability business, which resulted in an insurance service result of €770 million, on the back of higher interest rates, a low level of frequency losses, and low large losses.

The firm highlighted that large loss payments in 2023 were within budget at €334 million, down from €381 million in 2022.

Meanwhile, HDI Global’s net insurance financial and investment result before currency effects amounted to €11 million, down from €169 million.

This was reportedly due, among other things, to higher interest rates and the conscious decision to accept disposal losses when rebalancing from lower-yield investments to higher-yield ones.

The firm’s operating profit in 2023 rose to €446 million from €430 million, and its contribution to the Talanx Group’s net income climbed by 13% to €351 million.

Dr Edgar Puls, CEO HDI Global SE, commented, “Overall, 2023 has been a strong year for HDI Global. While the effects of inflation played their part in the first half of the year, we were able to increase our insurance service result and minimise the impact of large losses on our balance sheet thanks to prudent and disciplined underwriting.

“With these positive results and the worldwide performance culture in our group, we can confidently act as our clients’ Partner in Transformation. I am thankful for their continuous trust in us.”

Puls continued, “The results have been achieved in times of constant change for the global industry. Be it the transformation to a carbon-free world, increased digitalisation, autonomous vehicles, offshore wind farms, new fuels and energy sources as well as the need for climate risk prevention in general: We enable the global industry in light of emerging new risks by acting as their close partner, offering tailor-made insurance solutions and additional services.

“We are also a leading player in International Programmes and Alternative Risk Transfers such as captives. The continued growth in both areas in 2023 is a testament to our expertise and our strong global network.”

Puls concluded, “It takes resilience, reliability and trust to act as a true partner. Most of our client relationships are long-term.

“In 2023 we paid out more than  €6 billion in claims, proving that we are there for our clients when it really matters. Our positive results encourage this approach of continuous client centricity and the aspiration of constant progress in our solutions. To offer leading expertise is a must, and with the talent in our group, I am confident that we will continue to satisfy our clients’ needs.”

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