HDI Global SE’s insurance revenue soars 10% YoY in FY'23

Its Singapore business expanded its product offering through political and credit risk market entry.

In 2023, industrial insurer HDI Global SE achieved double-digit growth in insurance revenue and an improved combined ratio, driven by strong performances in liability and property lines. 

Globally, insurance revenue climbed 10% to EUR9.1b in 2023 which was primarily in property and liability business, resulting in a good insurance service result of EUR770m, with an improved combined ratio of 91.5%. 

The net insurance financial and investment result rose to EUR11m, contributing to an operating profit of EUR446m and a 13% increase in HDI Global’s contribution to the Talanx Group’s net income.

HDI Global’s Singapore branch expanded its product offering by entering the Political and Credit risk market, contributing to the overall positive results of the Germany-based multinational insurer belonging to the Talanx Group.

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Managing Director Graham Silton stated, “We achieved growth in every line of business in 2023, delivering strong underwriting results and profitability. We met our targets and promised to stakeholders and clients.”

Silton highlighted the opening of a representative office in Bangkok and entry into the Political and Credit Risk market as key achievements in 2023. Looking ahead to 2024, HDI Global aims to expand its Accident & Health market footprint in the region and explore potential new representative office locations. 

Silton will retire in mid-2024, with Alex Tarantino set to succeed him as head of the Singaporean branch. Tarantino expressed gratitude for Silton’s leadership and looks forward to building on the foundation for continued success and growth.