HDI Global Reports Impressive Growth in Insurance Revenue for 2024
HDI Global, the Corporate & Specialty Division of Talanx Group, has demonstrated remarkable resilience and strategic growth, reporting insurance revenue of €10 billion for 2024. This signifies a robust 10% increase compared to their impressive performance in 2023. Such revenue growth underlines HDI Global’s commitment to providing comprehensive insurance solutions while navigating an evolving financial landscape.
In addition to revenue growth, HDI Global has made substantial contributions to Talanx Group’s overall net income, which climbed to €501 million in 2024 from €351 million the previous year. This noteworthy increase reflects effective management and enhanced operational efficiency within the company.
The broader Talanx Group also celebrated a strong year, reporting a net income of €1.9 billion—marking a remarkable 25% surge from the previous year. Their operating profit increased to €702 million, up from €446 million in 2023. This impressive financial showing has elevated Talanx’s return on equity to 17.6%, a significant rise of 3.3 percentage points from last year, emphasizing the group’s robust performance.
Driving these outstanding results is a combination of strategic factors. HDI Global credited its growth to the expansion of new business segments alongside inflation-related price adjustments on existing contracts. Additionally, the company reported a combined ratio of 90% for 2024, a tangible improvement from the previous year’s 91.5%. This ratio is crucial as it measures underwriting profitability, and a lower value indicates a healthy operational environment.
The insurer’s service results were equally compelling, reaching €1 billion in 2024, a marked increase from €770 million in 2023. This improvement can be attributed to a better loss ratio, particularly concerning frequency losses. However, it is noteworthy that while large loss payments rose to €402 million, up from €334 million in 2023, this still fell short of their projected €468 million due to a significant reduction in man-made losses.
Despite exceeding their budget for natural catastrophe (NatCat) losses, HDI Global managed risks effectively, mitigating the financial impact through sound loss management strategies. Moreover, their net insurance financial and investment result before currency effects improved to €83 million, fostered by higher investment volumes and increased current interest income—an encouraging indication of the company’s diversified income streams.
CEO Edgar Puls articulated the company’s vision, stating, “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.” This sentiment reflects HDI Global’s strategic positioning as a dependable partner in the insurance sector.
As they look to the future, especially within the middle-market sector, HDI Global sees ample growth opportunities. Stefan Feldmann, head of HDI Global Asia-Pacific, expressed optimism regarding the Mid-Market space, identifying it as an under-represented segment for the insurer. He emphasized a unique approach that has garnered significant interest from broker partners, setting the stage for a dynamic expansion in 2025.
In a fluctuating market, HDI Global’s strategic decisions—backed by solid financial performance and innovative service offerings—suggest they are not just a player but a leader eager to redefine success in the insurance industry.