HDI Global SE announced its financial results for 1H 2024 on Tuesday (20 August), highlighting positive performances for its Australia and Singapore businesses.
HDI Global’s Australia branch reported positive results for the first half of the year, thanks to its unified value proposition, which comes after its commercial and speciality operations were melded.
Stefan Feldmann, Head of HDI Global Asia Pacific and Managing Director of HDI Global and HDI Global Specialty Australia, said in a press release that the branch is continuing to boost its presence in the Australian market, even after reporting AU$1bn (US$673m) in gross written premiums in 2023.
He also said “the amalgamation of our Commercial and Specialty operations has fostered our ability to present a unified value proposition to our brokers. We also see our Delegated Authority business going from strength to strength.”
Meanwhile, HDI Global’s Singapore branch outlined notable results for 1H 2024. The branch reported positive performance for the period in all business lines. It also mentioned becoming an “enabler” for energy transition projects in the region.
Alex Tarantino, Managing Director and Principal Officer at HDI Global Singapore, said “Our 2024 half-year results highlight the strength and capacity of our portfolio. All lines and our growing International Programmes capabilities are performing well. We have welcomed the support from the market for these. Also, our newest Political and Credit risk product has been well received across the region”
Tarantino also notes that HDI Global Singapore actively supports “the energy transition, renewable energy investments, and efficiencies in the ever-evolving Asia Pacific market.”
A part of the Germany-headquartered Talanx Group, HDI Global SE’s overall 1H 2024 results saw positive financial results, displaying growth and revenue, driven by new business growth and inflation-related price adjustments.
The company reported a combined ratio of 91.1%. It also recorded EUR 4.8bn (US$5.32bn) in total insurance revenue. The insurer’s global operating profit (EBIT) also went up to EUR305m. In its report, HDI Global said NatCat losses made up most of its large losses. The outlook for the company for 2H 2023 is positive, albeit cautious.
