Corporate & Specialty insurer HDI Global SE has reported positive financial results for 2024 with strong growth in both revenue and earnings. Main drivers were growth in new business and partly inflation-related price adjustments.HDI Global’s Dubai office had a successful first year, with business growth exceeding expectations. The office thus contributed to the positive overall result of the Germany based multi-national industrial insurer belonging to the Talanx Group.

“In 2024, HDI Global Dubai made remarkable strides, transforming from a nascent operation to fully meeting our set targets, thanks to the robust support from the broker community and the swift embrace of the HDI brand”, says Willem van Wyk, Managing Director HDI Global Dubai.“Our team’s collaboration, enriched by our Hannover colleagues, has powered our success in the dynamic DIFC market. This venture marks a pivotal step in HDI Global’s ambition to be clients’ preferred Partner in Transformation, providing tailored solutions and services, and strengthening our role as a key player in the international insurance landscape.”

On a worldwide scale, HDI Global generated clear growth in both revenue and earnings. Insurance revenue rose 10 percent year-on-year to hit the milestone of EUR 10.0 (FY 2023: 9.1) billion for the first time; the growth percentage after adjustment for currency effects was 11 percent. The main drivers for this success were growth in new business and partly inflation-related price adjustments in existing business. The insurance service result increased to EUR 1,004 (770) million on the back of an improved loss ratio for frequency losses.Large loss payments rose year-on-year to EUR 402 (334) million but were below the budgeted figure of EUR 468 million, due to lower man-made-losses. NatCat budget was overshot, reflecting the unbroken trend for increasing losses in this area.
The combined ratio improved to 90.0 (91.5) percent. The net insurance financial and investment result before currency effects rose to EUR 83 (11) million due to higher investment volumes and an increase in current interest income. The positive performance by both underwriting and asset management clearly lifted EBIT to EUR 702 (446) million. RoE rose to 17.6 (14.3) percent, while HDI Global’s contribution to Talanx Group net income rose to EUR 501 (351) million.

Given HDI Global’s robust worldwide results, van Wyk remains optimistic for the current year: “HDI Global Dubai is poised for growth amidst the flourishing economy of the Middle East. Expanding our team and capabilities remains a central focus, and by leveraging our conservative underwriting strategy, we’re ready to meet the region’s demands, particularly in transforming energy landscapes. The Middle East’s commitment to renewable projects aligns perfectly with our vision of being a reliable, long-term partner. Our position as an emerging force allows us to offer enhanced value to clients and brokers, navigating changes with resilience and foresight.”