HDI Global starts 2024 with good first quarter
Industrial insurer HDI Global SE, part of the Talanx Group, has made a successful start to the new financial year 2024. The combined ratio improved by 1.4 percentage points compared to the same period last year, now standing at 91.8 percent. The insurance revenue totalled EUR 2.3 (2.1) billion. The operating profit increased to EUR 140 (86) million, while net income rose to EUR 104 (69) million.
“With the good results in the first quarter, HDI Global has made a very promising start into the new financial year”, says Dr Edgar Puls (pictured), CEO HDI Global SE. “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 digitalisation, 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 client’s and our broker partner’s continuous trust in us.”
HDI Global lifted insurance revenue by 13 percent to EUR 2.3 (2.1) billion in the first quarter of 2024, or 14 percent after adjustment for currency effects. Growth came primarily from inflation-related price adjustments and new property, liability and specialty insurance business. The insurance service result rose by 37 percent to EUR 192 (141) million, thanks to an improved loss ratio for natural disasters and frequency losses. At EUR 17 (34) million, aggregate large losses were lower than in the prior-year period. Consequently, the combined ratio for HDI Global improved to 91.8 (93.2) percent.
“Our performance in the first quarter lays the foundation for a successful year, because only when we as HDI Global maintain a strong financial position, we are able to provide top quality service and absolute dependability for our clients and broker partners. We offer tailor-made insurance solutions and additional services and are there for our clients whenever they face risks in their business”, says Puls. “We are also a leading player in International Programmes. HDI Global takes the lead in more than 5,100 international programmes and brings all its expertise and its strong global network to bear for each programme’s success.”
The net insurance financial and investment result before currency effects rose to EUR 47 (21) million due to the higher net current return on investments and lower realised losses. Operating profit (EBIT) rose to EUR 140 (86) million, and HDI Global’s contribution to the Talanx Group’s net income increased to EUR 104 (69) million.
“I want to thank our more than 5,000 members of staff around the world for their expertise and dedication. With the talent in our group, I am confident that we will continue to satisfy our clients’ and broker partners’ needs”, says Puls.
Authored by HDI Global SE
