HDI Global, the Corporate & Specialty Division of Talanx Group, has reported insurance revenue of €10bn for 2024, an increase of 10% compared with the previous year.
HDI Global’s contribution to the Talanx Group’s net income also increased, reaching €501m for the year, compared with €351m in 2023.
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Meanwhile, Talanx itself reported group net income of €1.9bn in 2024, a 25% surge from the previous year.
The insurer’s operating profit for the year totalled €702m, compared with €446m a year earlier.
It also saw an uplift in return on equity to 17.6%, a rise of 3.3 percentage points.
The company’s financial success in 2024 has been attributed to the expansion of new business and inflation-related price adjustments on existing contracts.
Additionally, the insurer reported a combined ratio of 90% for the year in 2024 as against 91.5% in 2023.
The company’s insurance service result reached €1bn in 2024 from €770m in 2023, supported by a better loss ratio for frequency losses.
Large loss payments rose to €402m from €334m in 2023, but the figures stayed below the projected €468m, primarily due to a reduction in man-made losses.
Nevertheless, the budget for natural catastrophe (NatCat) losses was exceeded, the company said.
The net insurance financial and investment result before currency effects improved to €83m, driven by “higher investment volumes” and an uptick in current interest income.
HDI Global SE CEO Edgar Puls said: “Our positive results enable us to act as our clients’ and brokers’ preferred and reliable Partner in Transformation. For this, we aim to be financially strong for decades to come.”
“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.”
Commenting on the middle-market expansion, HDI Global Asia-Pacific head and Australia managing director Stefan Feldmann stated: “For 2025, we see substantial growth opportunities in the Mid-Market space, which we perceive to be under-represented for HDI, but our broker partners show a great interest in working with us as we offer a refreshingly different approach to this segment.”
