HDI Global full-year results hit milestone, Dubai business outperforming the market
Dubai: 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.'
-Ends-
Note: HDI Global is publishing financial key figures in accordance with the international financial reporting standards IFRS 17/9.
To find out more about the services of HDI Global SE Dubai Office, click here: https://www.hdi.global/en-ae/about-us/locations-contacts/asia-pacific-africa/united-arab-emirates/contacts/
To find out more about the latest Talanx results, click here: https://www.talanx.com/en/newsroom
About HDI Global SE (HDI)
As a Corporate & Specialty lines insurer, HDI Global SE (HDI) meets the needs of SMEs, industrial companies, middle market and corporate customers with insurance solutions that are specifically tailored to their requirements. In addition to HDI's prominent position in the German and broader European market, the company has access to its own worldwide HDI Global Network covering more than 175 countries through its own HDI foreign branch offices, subsidiaries, affiliated companies, and network partners. Acting as the Partner in Transformation, HDI Global SE leads roughly 5,300 International Programmes and offers its multinational customers compliant coverage worldwide.
HDI Global SE is the Corporate & Specialty Division of the Talanx Group and has been a leading insurer for several decades. More than 5,000 employees in this division generated insurance revenue (gross) of approx. EUR 10.0 billion in the year 2024 (according to IFRS 17).
The rating agency Standard & Poor's has given the Talanx Primary Group a financial strength rating of AA-/stable (very strong) and AM Best has assigned the A+ Rating. Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX.
https://www.hdi.global
For media enquiries please contact:
Dr Frederic Strohm
E-Mail: frederic.strohm@hdi.global
Christoph Boßmeyer-Hortsch
E-Mail: christoph.bossmeyer-hortsch@hdi.global
Disclaimer
This news release may include forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG and HDI Global SE. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG's and HDI Global SE's control, affect our business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of Talanx AG and HDI Global SE may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG and HDI Global SE do not guarantee that the assumptions underlying such forward-looking statements are free from errors nor do Talanx AG and HDI Global SE accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG and HDI Global SE neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
HDI Global SE
HDI-Platz 1
30659 Hannover
HDI Global | Media Relations
Dr. Frederic Strohm
christoph.bossmeyer-
hortsch@hdi.global
presse@HDI.de
www.hdi.global
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