Industrial insurer HDI Global, a part of the Talanx Group, has reported an improved year-over-year combined ratio of 92.7% from 95.4% for the first nine months of the year, as well as strong revenue and earnings growth.
The company reported a 10% rise in insurance revenue to €6.6 billion, driven by growth in the property and liability business.
The insurance service result increased to €481 million and benefited from lower frequency and large losses as well as the rise in interest rates, which led to positive discounting effects in the loss reserves, says the firm.
The company’s large losses fell to €267 million compared to the previous year’s €316 million, and were €16 million below the pro rata budget for the period.
The net insurance financial and investment result before currency effects fell to €22 million compared year over year, mainly due to the increased interest on the loss reserves.
The operating profit rose to €293 million from €271 million, and the contribution to the Group’s net income increased to €243 million from €199 million in the period.
Dr Edgar Puls, Chief Executive Officer of HDI Global, commented: “Our comprehensive range of services and insurance solutions aims to offer not only protection, but also the security needed in times of change. We are convinced that innovation and progress are the foundations of a successful future, and we stand by our clients as a reliable partner in their transformation.
“Thank you to our clients and business partners for maintaining our longstanding, good relationships and furthering the continued trust. The results show that we are a continuously predictable, and financially strong partner in times of transformation.
“With our tailor-made solutions and expertise, we focus on prevention and risk management so that risks are minimized and damage does not occur in the first place. In the event of a claim, our top priority is to ensure the future viability of the insured company by limiting the extent of the damage.”
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