HDI Global reports improved CoR for Q1’24 as insurance revenue rises

HDI Global reports improved CoR for Q1’24 as insurance revenue rises

Industrial insurer HDI Global SE, part of the Talanx Group, has reported a first quarter 2024 combined ratio of 91.8%, an improvement of 1.4 percentage points year-over-year.

HDI Global reports improved CoR for Q1’24 as insurance revenue risesThe insurer’s insurance revenue rose by 13% in Q1 2024, or 14% after adjustment for currency effects, reported at €2.3 billion compared to Q1 2023’s €2.1 billion.

The operating profit increased to €140 million this quarter from €86 million a year earlier  as net income rose to €104 million from last year’s €69 million.

HDI said that the growth came primarily from inflation-related price adjustments and new property, liability and specialty insurance businesses.

Additionally, the insurance service result rose by 37% to €192 million from €141 million due to improved loss ratio for natural disasters and frequency losses. The aggregate large losses were lower than in the prior-year period at €17 million, compared with €34 million last year.

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The net insurance financial and investment result before currency effects rose to €47 million compared to last year’s €21 million, driven by higher net current return on investments and lower realised losses.

Dr Edgar Puls, Chief Executive Officer, HDI Global SE, commented, “With the good results in the first quarter, HDI Global has made a very promising start into the new financial year.

“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.

“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.

“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.”

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