Corporate & Specialty insurer HDI Global SE has reported positive financial results for 2024 with strong growth in both revenue and earnings. Main drivers were growth in new business and partly inflation-related price adjustments. The full-year combined ratio stands at 90.0 (FY 2023: 91.5) percent. Insurance revenue totalled at EUR 10.0 (9.1) billion, for the first time in double-figures. Operating profit (EBIT) increased to EUR 702 (446) million and Return on Equity (RoE) rose by 3.3 percentage points to 17.6 (14.3) percent. HDI Global recently received an upgrade to AA- (very strong) by S&P Ratings, showcasing the long-term reliability of the worldwide acting insurer.
“Our positive results enable us to act as our clients’ and brokers’ preferred and reliable Partner in Transformation”, says Dr Edgar Puls, CEO HDI Global SE. “For this, we aim to be financially strong for decades to come.”
HDI Global generated clear growth in both revenue and earnings. Insurance revenue rose 10 percent year-on-year to hit the milestone of EUR 10.0 (9.1) billion for the first time; the growth percentage after adjustment for currency effects was 11 percent.
The main drivers for this success were growth in new business and partly inflation-related price adjustments in existing business. The insurance service result increased to EUR 1,004 (770) million on the back of an improved loss ratio for frequency losses. Large loss payments rose year-on-year to EUR 402 (334) million but were below the budgeted figure of EUR 468 million, due to lower man-made-losses.
NatCat budget was overshot, reflecting the unbroken trend for increasing losses in this area.
The combined ratio improved to 90.0 (91.5) percent. The net insurance financial and investment result before currency effects rose to EUR 83 (11) million due to higher investment volumes and an increase in current interest income.
The positive performance by both underwriting and asset management clearly lifted EBIT to EUR 702 (446) million. RoE rose to 17.6 (14.3) percent, while HDI Global’s contribution to Talanx Group net income rose to EUR 501 (351) million.
Puls elaborates: “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.”
