Industrial insurer HDI Global, a key player within the Talanx Group, has reported notable year-over-year progress with a strengthened combined ratio of 92.7% for the first nine months of the year, showcasing an improvement from 95.4%.
The positive shift is accompanied by robust revenue and earnings growth.The company’s insurance revenue experienced a commendable 10% surge, reaching €6.6 billion, driven by substantial expansion in the property and liability business segments.
Notably, the insurance service result saw an increase to €481 million, benefiting from a reduction in frequency and large losses. The rise in interest rates further contributed to positive discounting effects in the loss reserves, according to statements from the firm.
Large losses for the company decreased to €267 million, demonstrating a noteworthy reduction compared to the previous year’s €316 million. Impressively, this figure stood €16 million below the pro rata budget for the reporting period.Despite a dip in the net insurance financial and investment result before currency effects to €22 million, primarily attributed to increased interest on loss reserves, the operating profit exhibited a positive trajectory, rising to €293 million from €271 million. This positive performance extended to the contribution to the Group’s net income, which increased to €243 million from €199 million during the same period.
HDI Global’s strengthened financial metrics and improved ratios underscore its resilience and strategic positioning in the industrial insurance landscape.
Speaking about the results, Dr Edgar Puls, Chief Executive Officer of HDI Global, said: “Our comprehensive range of services and insurance solutions aims to offer not only protection, but also the security needed in times of change. We are convinced that innovation and progress are the foundations of a successful future, and we stand by our clients as a reliable partner in their transformation.
“Thank you to our clients and business partners for maintaining our longstanding, good relationships and furthering the continued trust. The results show that we are a continuously predictable, and financially strong partner in times of transformation.
He added: “With our tailor-made solutions and expertise, we focus on prevention and risk management so that risks are minimised and damage does not occur in the first place. In the event of a claim, our top priority is to ensure the future viability of the insured company by limiting the extent of the damage.”
