HDI Global mid-market strategy ‘gaining traction’
HDI Global Australia says its mid-market strategy is gaining traction and the branch has made a meaningful contribution to the Germany-based group’s overall first-half financial results.
Globally, HDI Global SE, part of Talanx Group, reported a 10% rise in insurance revenues to €4.2 billion ($7.1 billion). The performance included growth in the property and liability business, as well as an increase in specialty, which generated revenue of €1.4 billion ($2.4 billion).
The combined operating ratio improved to 93.1% from 94.1%, operating profit rose to €190 million ($322 million), and its contribution to group net income climbed 22% to €151 million ($256 million).
Locally, HDI Global Asia Pacific Head and Australia MD Stefan Feldmann says the firm is already one of the leading markets in renewable energy and it has opportunities across property, liability, engineering, marine and accident and health. The branch also launched its motor fleet product earlier this year.
“We’re really making progress to be a leading corporate insurer in Australia,” Mr Feldmann said. “Especially our mid-market strategy is progressing and gaining traction with brokers and clients to grow our offerings.”
The company which has opened a Bangkok representative office and is investing in north Asia, has also identified “significant opportunity” in Asia for the specialty business.
HDI Global Specialty Australia MD Mark Fleiser says the insurer sees expansion prospects in its single risk business in Australia and New Zealand and is looking to take advantage of delegated authority opportunities, especially those that provide portfolio diversification.
“While inflationary effects on the portfolio remain a key challenge, our profitability remains on track supported by less catastrophe driven volatility that has been evident in prior years,” he said.