HDI Global SE, a corporate and specialty insurer, has announced impressive financial results for 2024, showcasing strong growth in both revenue and earnings. The surge in performance was credited to an increase in new business and adjustments in prices due to inflation. The Dubai office of HDI Global had a particularly successful first year, surpassing growth expectations and significantly contributing to the overall positive performance of the Germany-based insurer, which is part of the Talanx Group.

Willem van Wyk, Managing Director of HDI Global Dubai, noted that the Dubai office transformed from a new operation to one that fully met its targets during 2024. He attributed this success to robust support from the broker community and the quick acceptance of the HDI brand. Van Wyk emphasized that teamwork, particularly with colleagues from Hannover, played a crucial role in their success within the dynamic DIFC market. He stated, “In 2024, HDI Global Dubai made remarkable strides… This venture marks a pivotal step in HDI Global’s ambition to be clients’ preferred Partner in Transformation.”

On a global scale, HDI Global reported a 10 percent increase in insurance revenue year-on-year, reaching EUR 10.0 billion for the first time, with the growth rate adjusted for currency effects at 11 percent. This growth was driven by new business and inflation-related price adjustments. The insurance service result rose to EUR 1,004 million, reflecting an improved loss ratio for frequency losses. Though large loss payments increased to EUR 402 million, they remained below the budgeted figure of EUR 468 million due to fewer man-made losses.

The combined ratio for the company improved to 90.0 percent, down from 91.5 percent the previous year. The net insurance financial and investment result before currency effects rose significantly to EUR 83 million, up from EUR 11 million, due to higher investment volumes. The positive performance in underwriting and asset management boosted EBIT to EUR 702 million, while the return on equity (RoE) increased to 17.6 percent. Furthermore, HDI Global’s contribution to Talanx Group’s net income rose to EUR 501 million, up from EUR 351 million.

Looking forward, van Wyk expressed optimism about the current year, stating that HDI Global Dubai is well-positioned for growth, particularly in the thriving Middle Eastern economy. He highlighted the intention to expand the team and capabilities, emphasizing the company’s conservative underwriting strategy to meet regional demands, especially in the area of renewable energy projects. He noted that the Middle East’s commitment to such initiatives aligns perfectly with HDI Global’s vision of being a dependable, long-term partner.

-Ends-