HDI Global results 2022 show strong profitable growth, with UK & Ireland contributing significantly
Authored by HDI Global SE
Industrial insurer HDI Global SE has reported double-digit growth in Gross Written Premiums and a further improved combined ratio for 2022, underpinned by strong performances in the liability and property lines, as well as robust new business growth in specialty line portfolios. The company’s UK & Ireland branch contributed significantly to the positive overall result of the Hannover based multi-national industrial insurer that is part of the Talanx Group.
On a worldwide scale, HDI Global grew its premium income by 17.9 percent in financial year 2022 to EUR 8.9 (7.6) billion – a clear double-digit rise. The currency-adjusted increase was 12.9 percent. Key growth areas were liability and property insurance and specialty lines. Growth was driven both by new business and by rate adjustments, partly as a result of inflation. HDI Global Specialty continued its successful development, growing premium income by EUR 660 million year-on-year to EUR 3.1 billion. Commercial Lines rose by EUR 693 million. A drop in frequency losses pushed down the combined ratio for the industrial insurer to 95.7 (98.7) percent, in line with the strategy, despite an increase in total large losses and inflation effects. As a result, HDI Global has almost reached its mid-term target of 95 percent well ahead of schedule. This reflects the positive effects of the measures taken to increase profitability since 2019. High large loss claims due to natural disasters such as Hurricane “Ian”, Hurricane “Fiona” and the floods in Australia impacted business by EUR 270 million. In addition, reserves for losses in relation to Russia’s war of aggression against Ukraine totalled EUR 36 million. With an amount slightly below EUR 17 million, the low level of losses incurred from Winter Storm “Elliot” in the fourth quarter reflects the strict restructuring of the property portfolio. Operating profit for HDI Global climbed to EUR 252 (196) million in the financial year. The division contributed EUR 177 (143) million to the Talanx Group’s net income.
Against a backdrop of rising inflation and geopolitical uncertainty around the world, Richard Taylor, CEO of HDI UK & Ireland, is proud of the profit contribution his branch produced to HDI Global’s full year results in 2022: “Thanks to the dedication and hard work of our people in the UK and Ireland, together with the fantastic support from our brokers and clients, we continued to grow our UK & Ireland business, increasing our gross written premiums to EUR 1.5 billion.”
Stephanie Ogden, Managing Director HDI Global SE – UK and Ireland, said of the company’s performance: “In 2022, all product lines grew by a double-digit margin. We also made some key international appointments which resulted in our proposition becoming stronger and louder. Already 2023 has started very promisingly as we are working closer together with our Specialty colleagues and entering into new markets.”
Likewise, Rafael Rebitzky, Managing Director HDI Global Specialty SE – UK, is excited by the opportunities for the branch going forward: “Showing one face to the market as ‘one HDI’ will further strengthen our market reputation. In specialty insurances, we are already perceived as a leading market player across several lines of business, such as Bloodstock, Political Risk and Contingency. As the London market is constantly evolving, we will remain vigilant to opportunities for us to further improve our offering and retain our reputation as a go-to market.“
At the end of this news release you find photos of Stephanie Ogden, Richard Taylor and Rafael Rebitzky.
About HDI Global SE
Companies from the trading, production and service industries need an insurance partner they can rely on.
As part of the Talanx Group, HDI Global SE has been one of the leading insurers offering a broad and needs-based range of insurance solutions and accompanying services for decades.
HDI operates through foreign branches, subsidiaries and affiliates as well as network partners in more than 150 countries, offering international industrial insurance programmes.