HDI Global has reported continued growth this year in both revenue and net income for the first nine months of 2025, identifying new business and inflation-related price adjustments as the main contributors to its performance over the period.
For the nine-month period, HDI Global’s insurance revenue increased by 6% on a currency-adjusted basis to €7.6 billion, compared to €7.3 billion in the same period last year. In nominal terms, revenue rose by 4%.
The insurance service result reached €638 million, down from €692 million in 2024. Large loss payments totalled €314 million, similar to the €313 million reported previously, and remained below the pro rata budget of €424 million.
These nine-month results build on the momentum from the first half of the year, when HDI Global reported insurance revenue of €5.1 billion and a combined ratio of 91.6%. For the first six months of 2025, operating profit reached €377 million and return on equity climbed to 17.4%.
“HDI Global delivered positive 9-month results, with momentum driven above all by new business,” said Dr Edgar Puls (pictured above), CEO of HDI Global SE. He added that the results reflect the value clients and brokers place on the company’s approach, which he described as “close to their needs, with technical depth, fast service and solutions that stand the test of time.”
The combined ratio for the 9M period was 91.6%, compared to 90.5% a year earlier, and remained within the company’s full-year expectation of less than 92%. The net insurance financial and investment result before currency effects rose to €147 million, up from €65 million, which the company attributed to higher investment volumes and increased current interest income.
Earnings before interest and tax (EBIT) increased by 15% to €551 million, compared to €479 million in the prior-year period. Return on equity was 16.9%, up from 16.4%. HDI Global’s contribution to Talanx Group net income rose by 13% to €409 million, compared to €362 million in the same period last year.
The performance of HDI Global has also contributed to an improved outlook for its parent company, Talanx. Following a record earnings surge in the third quarter, Talanx raised its full-year net income target to over €1.7 billion.
For the first nine months of 2025, Talanx reported group net income of €1.6 billion, up from €1.3 billion a year earlier, and operating profit increased to €3.1 billion from €2.6 billion.
“We proceed with confidence – and with prudence,” Puls said. “The year to date has been comparatively calm in terms of large losses for us, but we remain vigilant as climate-related and other systemic risks are generally on the rise.”
