HDI Global combined ratio improves to 90% in 2024

By Michael Jones

March 25 - (The Insurer) - HDI Global SE reported on Tuesday that its combined ratio improved by 1.5 percentage points to 90% for 2024.

Insurance revenue rose 10% year on year to reach the 10 billion euro ($10.79 billion) milestone for the first time. Growth after adjustments for currency effects was 11%.

The specialty insurer said this was mainly driven by growth in new business and partly through inflation-related price adjustments on existing business.

Its insurance service result for 2024 was 1.0 billion euros, an increase of 30.4% on the prior year's 770 million euros. This came on the back of an improved loss ratio for frequency losses.

Large loss payments increased by 68 million euros on the prior year to 402 million euros. This was below the budgeted figure of 468 million euros, although the natural catastrophe budget was exceeded for the year.

HDI's operating profit increased by 36.5% to 702 million euros for the full year, while return on equity rose by 3.3 points year on year to 17.6%.

On March 19, parent company Talanx published its full-year results. The group recorded a combined ratio of 90.3%, a 58.1% increase in its insurance service result to 5.11 billion euros and 11.4% growth in total insurance revenue to 48.15 billion euros.