HDI Global Announces Latest Financial Results | Insurance Business America
The group outlines factors that played a significant role in their performance
insurance news
By Roxanne Libatique
HDI Global, a commercial insurer belonging to the Talanx Group, has released its financial results for the first quarter of 2023 (Q1 2023), reflecting an encouraging start.
In its financial report, HDI Global announced that its insurance revenues for the first quarter of 2023 were a whopping 2.1 billion euros, with a combined ratio of 93.2%, which was below the stated mid-term target of 95%.
The group said positive financial results in insurance were driven by casualty, fire and engineering lines of business. Special business, which achieved insurance sales of EUR 681 million, also contributed to the positive result.
In addition, the Group recorded improvements in the operating result (EBIT) totaling EUR 86 million and in the net profit contribution of EUR 69 million.
dr Edgar Puls, CEO of HDI Global, welcomed a “convincing indicator of the expertise” of the organization.
“The profitable growth extends to both commercial and specialty businesses,” he said. “The good figures prove the quality of our underwriting, but they also underline that we see ourselves as a partner to our customers: With our range of services geared towards hedging, we also support them in the long term with preventive advice.” that many losses do not even arise. “
Outlook 2023
For the full financial year 2022 (FY22), HDI Global increased its premium income by 17.9% to EUR 8.9 billion, with a currency-adjusted increase of 12.9%.
After a promising first quarter, HDI Global is optimistic about the rest of 2023.
“This success is proof of the effectiveness of our optimization programs implemented since 2019,” said Dr. Pulse. “We have managed the turnaround and are now in a phase in which it is a matter of consistently strengthening our claim to be a leading international industrial insurer worldwide by supporting our customers with tailor-made solutions.” With this goal in mind we have laid a solid foundation over the past few years.”
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