PVI : HDI Global shows strong revenue and earnings growth after nine months

HDI Global shows strong revenue and earnings growth after nine months

• 12:00
• Thursday, 07/12/2023

The industrial insurer HDI Global, which is part of the Talanx Group, is continuing its good performance in the 2023 financial year, showing strong revenue and earnings growth after nine months. The combined ratio improved to 92.7% compared to the same period last year. The insurance revenue generated amounted to EUR 6.6 billion. The return on equity amounted to 13.4% after nine months and was therefore above the strategic target of more than 10%.
HDI Global supports clients with insurance solutions and services as a partner in the transformation in areas such as climate, energy, mobility, technology and digitalization.

"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." said by Dr Edgar Puls, CEO of HDI Global.

Insurance revenue rose by 10% year-on-year to EUR 6.6 (6.0) billion, or 12% adjusted for currency effects. The increase can be attributed to growth in the property and liability business in particular. The insurance service result increased to EUR 481 (275) million and benefited from lower frequency and large losses as well as the rise in interest rates, which led to positive discounting effects in the loss reserves. Large losses fell to EUR 267 (316) million compared to the previous year and were EUR 16 million below the pro rata budget for the period. The combined ratio improved to 92.7% (95.4%). The net insurance financial and investment result before currency effects fell to EUR 22 (169) million compared to the same period in the previous year, mainly due to the increased interest on the loss reserves. The operating profit rose to EUR 293 (271) million and the contribution to the Group net income increased to EUR 243 (199) million. The return on equity after nine months amounted to 13.4% and was thus above the strategic target of more than 10%.

"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," says Edgar Puls, commenting on the positive results. "With our tailor-made solutions and expertise, we focus on prevention and risk management so that risks are minimized 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."

About HDI Global SE (HDI)
As an industrial lines insurer, HDI Global SE (HDI) meets the needs of SMEs, industrial companies and corporate customers with insurance solutions that are specifically tailored to their requirements. In addition to HDI's prominent position in the German and broader European market, the company has access to its own worldwide HDI Global Network covering more than 175 countries through its own HDI foreign branch offices, subsidiaries, affiliated companies, and network partners. Pioneering value-driven insurance solutions globally, HDI Global SE leads roughly 5,000 International Programmes and offers its multinational customers compliant coverage worldwide.

HDI Global SE is a company in the Industrial Lines Division of the Talanx Group and has been a leading insurer for several decades. Approximately 4,500 employees in this division generated insurance revenue (gross) of approx. EUR 8.2 billion in the year 2022 (according to IFRS 17).

The rating agency Standard & Poor's has given the Talanx Primary Group a financial strength rating of A+/stable (strong). Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX.

Source: HDI Global SE