HDI Global SE reports “good” first quarter | Insurance business America
Both net profit and operating profit increased
Insurance News
By Terry Gangcuangco
HDI Global SE, the industrial insurer of the Talanx Group, reports a good first three months of 2024.
The company’s combined ratio improved by 1.4 percentage points to 91.8% in the quarter, while insurance revenue rose from €2.1 billion to €2.3 billion. Operating profit increased significantly in the first quarter to 140 million euros from 86 million euros in the same period in 2023. Net profit also recorded an increase, reaching 104 million euros compared to 69 million euros last year.
“With the good results in the first quarter, HDI Global has made a very promising start to the new financial year,” commented CEO Dr. Edgar Puls (pictured) announcing the quarterly results.
“The financial figures enable us to continue to pursue our goal of supporting our customers as partners in the transformation, be it the transformation to a CO2-free world, increasing digitalization, autonomous vehicles, offshore wind farms, new fuels and Energy sources.” as well as the need for climate risk prevention in general.
“I am grateful for the continued trust of our customers and our broker partners.”
According to HDI Global SE, the 13% increase in insurance revenue was primarily due to inflation-related price adjustments and new business in property, liability and specialty insurance. Adjusted for currency effects, sales growth was 14%.
Meanwhile, the company’s insurance services result rose 37 percent to 192 million euros, driven by better claims ratios for natural catastrophes and frequency outages. In addition, aggregated major losses amounted to 17 million euros, compared to 34 million euros in the previous year, contributing to the improved combined ratio.
“Our performance in the first quarter lays the foundation for a successful year, because only if we as HDI Global are financially strong can we offer our customers and broker partners first-class service and absolute reliability,” added Puls.
“I would like to thank our more than 5,000 employees around the world for their expertise and commitment. I am confident that with the talent of our group, we will continue to meet the needs of our clients and broker partners.”
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2024-05-31 05:00:00
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