HDI Global insurance revenue up 10% in 2024
HDI Global, the Corporate & Specialty Division of Talanx Group, has reported insurance revenue of €10bn for 2024, an increase of 10% compared with the previous year.
HDI Global's contribution to the Talanx Group's net income also increased, reaching €501m for the year, compared with €351m in 2023.
Meanwhile, Talanx itself reported group net income of €1.9bn in 2024, a 25% surge from the previous year.
The insurer's operating profit for the year totalled €702m, compared with €446m a year earlier.
It also saw an uplift in return on equity to 17.6%, a rise of 3.3 percentage points.
The company's financial success in 2024 has been attributed to the expansion of new business and inflation-related price adjustments on existing contracts.
Additionally, the insurer reported a combined ratio of 90% for the year in 2024 as against 91.5% in 2023.
The company's insurance service result reached €1bn in 2024 from €770m in 2023, supported by a better loss ratio for frequency losses.
Large loss payments rose to €402m from €334m in 2023, but the figures stayed below the projected €468m, primarily due to a reduction in man-made losses.
Nevertheless, the budget for natural catastrophe (NatCat) losses was exceeded, the company said.
The net insurance financial and investment result before currency effects improved to €83m, driven by 'higher investment volumes' and an uptick in current interest income.
HDI Global SE CEO Edgar Puls said: '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.'
'These strong figures for 2024 are our basis to continue acting as a leading one-stop shop for all our clients. Strategically, HDI Global's risk diversification is strong, enabling us to be a stable, predictable and reliable partner. I am proud to say that we achieved these full-year results through profitability in all regions of the world.'
Commenting on the middle-market expansion, HDI Global Asia-Pacific head and Australia managing director Stefan Feldmann stated: 'For 2025, we see substantial growth opportunities in the Mid-Market space, which we perceive to be under-represented for HDI, but our broker partners show a great interest in working with us as we offer a refreshingly different approach to this segment.'
"HDI Global insurance revenue up 10% in 2024 " was originally created and published by Life Insurance International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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Overall, we are starting the year with a high ROE of 18.7% and an improved solvency ratio of 212%, supported by positive net operating capital generation.' Group performance and context SCOR records EUR 200 million net income (EUR 195 million adjusted1) in Q1 2025, supported by all business activities: In P&C, the combined ratio of 85.0% in Q1 2025 is primarily driven by a low attritional loss and commission ratio of 74.7% reflecting an excellent underlying performance and allowing for buffer building. The natural catastrophe claims ratio stands at 12.5% mainly driven by losses related to the LA wildfires. In L&H, the insurance service result 2 stands at EUR 118 million in Q1 2025, driven by a level of CSM amortization and risk adjustment release in line with expectations, and a neutral experience variance. stands at EUR 118 million in Q1 2025, driven by a level of CSM amortization and risk adjustment release in line with expectations, and a neutral experience variance. In Investments, SCOR benefits from an elevated regular income yield of 3.5% in Q1 2025 along with continued attractive reinvestment rates. The effective tax rate stands at 29.7% for Q1 2025. The annualized Return on Equity stands at 18.7% (18.3% adjusted1) in Q1 2025 and the Group Economic Value increases by 6.8% at constant economics3,4. SCOR's Solvency ratio is estimated at 212% at the end of Q1 2025, up 2 points versus FY 2024, from positive net operating capital generation. April P&C reinsurance treaty renewals During the April 2025 renewals, SCOR continues to grow strategically in its preferred lines, maintaining its underwriting discipline in a softening market context. EGPI increases by +1.5% on the business up for renewal in April, with significant growth of the Alternative Solutions book (EGPI +33.0%) while Specialty Lines increase by +3.8%, driven by Marine. Exposure to US Casualty is further reduced. 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A discount effect of -9.3%, reflecting the higher locked-in rates relating to a large share of US claims including the LA wildfire losses. An attributable expense ratio of 7.8%. The P&C insurance service result of EUR 205 million is driven by a CSM amortization of EUR 255 million, a risk adjustment release of EUR 40 million, a negative experience variance of EUR -95 million, and an onerous contract impact of EUR 6 million. The negative experience variance reflects mainly higher-than-expected Nat Cat experience, lower-than-expected insurance revenue and buffer building. Delivering a L&H insurance service result of EUR 118 million In Q1 2025, L&H insurance revenue stands at EUR 2,205 million, down -5.8% at constant exchange rates (-3.1% at current exchange rates) compared to Q1 2024. L&H New Business CSM6 generation of EUR 76 million in Q1 reflects the updated L&H new business strategy and the implementation of higher return thresholds. The L&H insurance service result2 amounts to EUR 118 million in Q1 2025. It includes: A CSM amortization of EUR 86 million. A Risk Adjustment release of EUR 32 million. An experience variance of EUR 2 million, including a neutral experience variance in the US. A negative impact of onerous contracts of EUR -6 million. L&H reinsurance key figures: In EUR million (at current exchange rates) Q1 2025 Q1 2024 Variation L&H insurance revenue 2,205 2,276 -3.1% L&H insurance service result2 118 72 64.9% L&H new business CSM7 76 112 -32.5% Investments delivering a return on invested assets of 3.8% As of 31 March 2025, total invested assets amount to EUR 24.3 billion. SCOR's asset mix is optimized, with 79% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+, and a duration of 3.9 years. Investments key figures: In EUR million (at current exchange rates) Q1 2025 Q1 2024 Variation Total invested assets 24,330 22,962 6.0% Regular income yield(*) 3.5% 3.5% 0.0pt Return on invested assets(*),(**) 3.8% 3.4% 0.4pts (*) Annualized; (**) Fair value through income on invested assets excludes EUR 7 million in Q1 2025 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR. Total investment income on invested assets stands at EUR 2267 million in Q1 2025. The return on invested assets stands at 3.8%7 (vs. 3.3% in Q4 2024) and the regular income yield at 3.5% (vs. 3.6% in Q4 2024). The reinvestment rate stands at 4.3%8 as of 31 March 2025, compared to 4.5% as of 31 December 2024. The invested assets portfolio remains highly liquid and financial cash flows of EUR 9.0 billion are expected over the next 24 months9, enabling SCOR to benefit from elevated reinvestment rates. * * * APPENDIX 1 – SCOR Group Q1 2025 key financial details In EUR million (at current exchange rates) Q1 2025 Q1 2024 Variation Insurance revenue 4,063 4,113 -1.2% Gross written premiums1 4,908 4,953 -0.9% Insurance Service Result2 324 253 +27.9% Management expenses -301 -294 -2.4% Annualized ROE3 18.7% 17.3% +1.4pts Annualized ROE excluding the mark to market impact of the option on own shares 18.3% 15.5% +2.8pts Net income3,4 200 196 +1.7% Net income4 excluding the mark to market impact of the option on own shares 195 176 +10.5% Economic value5,6 9,035 9,639 -6.3% Shareholders' equity 4,582 4,958 -7.6% Contractual Service Margin (CSM)6 4,453 4,681 -4.9% 1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Including revenues on financial contracts reported under IFRS 9; 3: Taking into account the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax; 4: Consolidated net income, Group share; 5. Defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM); 6: Net of tax. A notional tax rate of 25% is applied to the CSM. 2 – P&L key figures Q1 2025 In EUR million (at current exchange rates) Q1 2025 Q1 2024 Variation Insurance revenue 4,063 4,113 -1.2% 1,858 1,837 +1.2% 2,205 2,276 -3.1% Gross written premiums1 4,908 4,953 -0.9% P&C gross written premiums 2,509 2,427 +3.4% L&H gross written premiums 2,399 2,526 -5.0% Investment income on invested assets 226 193 +17.3% Operating results 317 287 +10.6% Net income2,3 200 196 +1.7% Net income2 excluding the mark to market impact of the option on own shares 195 176 +10.5% Earnings per share3 (EUR) 1.12 1.10 +1.8% Earnings per share (EUR) excluding the mark to market impact of the option on own shares 1.09 0.98 +10.7% Operating cash flow 150 151 -0.7% 1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Consolidated net income, Group share; 3: Taking into account the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax. 3 – P&L key ratios Q1 2025 Q1 2025 Q1 2024 Variation Return on invested assets1,2 3.8% 3.4% +0.4pts P&C combined ratio3 85.0% 87.1% -2.1pts Annualized ROE4 18.7% 17.3% +1.4pts Annualized ROE excluding the mark to market impact of the option on own shares 18.3% 15.5% +2.8pts Economic Value growth5 6.8% 4.1% +2.7pts 1: Annualized; 2: In Q1 2025, fair value through income on invested assets excludes EUR 7 million pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR; 3: The combined ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by the net insurance revenue for P&C business; 4: Taking into account the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax; 5: Not annualized. Growth at constant economic assumptions and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid on 6 May 2025. Economic Value defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the CSM. 4 – Balance sheet key figures as of 31 March 2025 In EUR million (at current exchange rates) As of 31 March 2025 As of 31 December 2024 Variation Total invested assets1 24,330 24,155 +0.7% Shareholders' equity 4,582 4,524 +1.3% Book value per share (EUR) 25.63 25.22 +1.6% Economic Value2 9,035 8,615 +4.9% Economic Value per share (EUR)3 50.53 48.03 +5.2% Financial leverage ratio4 23.6% 24.5% -0.9pts Total liquidity5 2,210 2,466 -10.4% 1: Excluding third-party net insurance business investments; 2: The Economic Value (defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax) includes minority interests; 3: The Economic Value per share excludes minority interests; 4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17; 5: Including cash and cash equivalents and short-term investments. * * * SCOR, a leading global reinsurer As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying 'The Art & Science of Risk', SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide. For more information, visit: Media Relations Alexandre Garcia [email protected] Investor RelationsThomas Fossard [email protected] Follow us on LinkedIn All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at General Numbers presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal. This press release does not constitute an offer to sell, or a solicitation of an offer to buy SCOR securities in any jurisdiction. Forward-looking statements This press release includes forward-looking statements, assumptions, and information about SCOR's financial condition, results, business, strategy, plans and objectives, including in relation to SCOR's current or future projects. These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as 'estimate', 'believe', 'anticipate', 'expect', 'have the objective', 'intend to', 'plan', 'result in', 'should', and other similar expressions. It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future. No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR. In particular, it should be noted that the full impact of economic, financial and geopolitical risks on SCOR's business and results cannot be accurately assessed. Therefore, any assessments, any assumptions and, more generally, any figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive. Information regarding risks and uncertainties that may affect SCOR's business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number n°D.25-0124 with the French Autorité des marchés financiers (AMF) posted on SCOR's website and on the website of the AMF In addition, such forward-looking statements, assumptions and information are not 'profit forecasts' within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980. SCOR has no intention and does not undertake to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise. Financial information The Group's financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union. Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified. The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results of Q1 2025. The financial results for the first quarter 2025 included in this press release have not been audited by SCOR's statutory auditors. Unless otherwise specified, all figures are presented in Euros. Any figures or financial results for a period subsequent to March 31, 2025 should not be taken as a forecast of the expected financials for these periods 1 Adjusted by excluding the mark to market impact of the option on own shares. 2 Includes revenues on financial contracts reported under IFRS 9. 3 Defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM. 4 Growth at constant economic assumptions as of 31 December 2024, excluding the mark to market impact of the option on own shares. 5 Solvency ratio estimated after taking into account the accrual for the first three months based on the dividend paid for the fiscal year 2024 (EUR 1.8 per share). 6 Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 7 Excluding the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax. 8 Reinvestment rate is based on Q1 2025 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & spreads as of 31/03/2025. 9 As of 31 March 2025. Including current cash balances and future coupons and redemptions. Attachment Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
