HDI Global Reports Strong Revenue Growth

German insurance company, HDI Global, announced that it achieved higher earnings in the first three quarters of the year, primarily driven by increased revenue.

In a recent statement, HDI Global, which is a part of the Talanx Group, revealed that its insurance revenue saw a significant rise of 10% compared to the previous year. After adjusting for currency effects, the revenue increase amounted to an impressive 12%, reaching 6.6 billion euros ($7.24 billion).

The boost in revenue was largely attributed to the steady growth observed in its property and liability business division. This positive performance contributed to HDI Global’s operating profit, which climbed to EUR293 million from EUR271 million in the same period last year. Notably, this resulted in a substantial increase of EUR243 million in Talanx’s net income for the period, compared to EUR199 million reported the previous year.

Furthermore, HDI Global reported a remarkable uptick in its nine-month insurance service result, which rose from EUR275 million in the previous year to EUR481 million. This increase was mainly driven by lower frequency and large losses, as well as the rise in interest rates, leading to positive discounting effects in the loss reserves.

The company also highlighted a positive trend in its large losses for the period, which declined to EUR267 million compared to EUR316 million last year.

HDI Global proudly shared that its return on equity stood at an impressive 13.4%, surpassing its strategic target of 10%. Additionally, the company’s combined ratio, which assesses profitability, came in at 92.7%.

Overall, HDI Global’s strong financial performance reflects its effective strategic management and successful business operations amidst a challenging market landscape.