HDI Global SE, the industrial insurance company of Talanx Group, announced what it described as a good first three months of 2024.

The company’s combined ratio in the quarter improved by 1.4 percentage points to 91.8%, while insurance revenues grew from €2.1 billion to €2.3 billion. Operating profit in the first quarter rose significantly to €140 million from €86 million in the same period in 2023. Net income also saw an increase, reaching €104 million compared to €69 million last year.

“With good results in the first quarter, HDI Global has made a very promising start to the new financial year,” commented CEO Dr. Edgar Boles (pictured) when the quarterly earnings were announced.

“The financial numbers allow us to continue our ambition to support our customers as their partner in the transition, whether that is a zero-carbon world, increased digitalization, autonomous vehicles, offshore wind farms, new fuels and energy sources, as well as the need to prevent… Climate risks in general.

“I am grateful for the continued trust our customers and partners have placed in us.”

According to HDI Global SE, the 13% increase in insurance revenue was primarily driven by inflation-linked price adjustments and new business in property, liability and specialty insurance. Adjusted for currency effects, revenue growth was 14%.

Meanwhile, the company’s insurance services results rose by 37% to €192 million, due to a better loss ratio for natural catastrophes and recurrence losses. In addition, significant losses totaled €17 million, down from €34 million in the previous year, which contributed to the improved combined ratio.

“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 will we be able to provide high-quality service and absolute reliability to our clients and broker partners,” Boulos added.

“I would like to thank our more than 5,000 employees around the world for their expertise and dedication. With the talent of our group, I am confident that we will continue to meet the needs of our clients and broker partners.”

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