HDI Global declares latest financial results

HDI Global declares latest financial results | Insurance Business Canada

Insurance News

HDI Global declares latest financial results

Group outlines factors that played a major part in its performance

Insurance News

By
Roxanne Libatique

HDI Global, an industrial insurer that is part of the Talanx Group, has unveiled its financial results for the first quarter of 2023 (Q1 2023), reflecting a promising start.

In its financial report, HDI Global revealed that its insurance revenue totalled a whopping €2.1 billion for Q1 2023 with a combined ratio of 93.2%, which came in below the stated medium-term target of 95%.

The group said the positive insurance financial results can be attributed to its liability business and the fire and engineering lines. The specialty business also played a part in the positive result, delivering insurance revenue of €681 million.

The group also reported improvements in operating profit (EBIT), totalling €86 million, and the contribution to net income, reaching €69 million.

HDI Global CEO Dr Edgar Puls welcomed a “compelling indicator of the expertise” in the organization.

“The profitable growth extends to both commercial and specialty business,” he said. “The good numbers demonstrate the quality of our underwriting, but they also underscore how we consider ourselves a partner for our clients: We stand ready to support them over the long term, including in a preventive advisory role with our range of services aimed at ensuring that many losses do not even occur in the first place.”

2023 outlook

For the full financial year of 2022 (FY22), HDI Global grew its premium income by 17.9% to €8.9 billion, with a currency-adjusted increase of 12.9%.

Having enjoyed a promising first quarter, HDI Global is looking to the remainder of 2023 with optimism.

“This success is a testimony to the effectiveness of our optimization programmes implemented since 2019,” Dr Puls said. “We have completed the turnaround and are now in a phase where the focus is on consistently reinforcing worldwide our claim to be a leading international industrial insurer by supporting our clients with tailor-made solutions. With this goal in mind, we have put in place a robust foundation in recent years.”