PC: Life Insurance International
For the year 2024, HDI Global SE has reported very good financials. A combination of new business growth and inflation-related price increases helped the company for its success, according to the statement. HDI Global’s Dubai office has achieved more than expected in its first year of operations and, as a result, its results have contributed towards the positive results achieved by the Germany-based multi-national insurer that is part of the Talanx Group.
In 2024, HDI Global did a particularly good job when, with revenue of EUR 10.0 billion, it achieved this mark, 10 per cent higher than in the previous year, EUR 9.1 billion. However, after these were accounted for, the real growth rate increased to 11%. New business and inflation amount of pricing was up, driving the growth. It also had a positive effect on the insurance service result, which very positively developed beyond the level of EUR 1,004 million to EUR 770 million with the movement of the loss ratio for frequency losses.
However, the company continued to keep these numbers below the budgeted amount of EUR 468 million despite challenges such as a rising rate in large loss payments that climbed up to EUR 402 million as opposed to EUR 334 million. The operational efficiency improved with the combined ratio being 90.0%, decreasing from 91.5%. Moreover, the net insurance financial and investment result, excluding currency effects, increased to EUR 83 million from EUR 11 million because of higher investment volumes and higher current interest income.
‘The Managing Director of HDI Global Dubai, Willem van Wyk, has expressed optimism that the company has a bright future, citing the excellent backing from the broking community and the company’s successful integration of the HDI brand in the dynamic Dubai International Financial Centre (DIFC) market.’ He underlined that the performance of the Dubai office underlines the decisive step HDI Global has taken to be the partner of choice for clients looking for transformation via tailor-made and value-added solutions and services.
From here, HDI Global intends to grow its team and capabilities within the Middle East using its conservative underwriting strategy to respond to the region’s requirements, especially in its dynamic energy environment. This is in line with the company’s vision of being a reliable and long-term partner in the region.
Overall, HDI Global’s good results globally, especially in the UAE, show very clearly its importance as a major player in the international insurance scenario, as well as its value-creating ways of doing business for the future.
