HDI-Gerling Australia has enjoyed a strong year, with premium growth in the double digits, according to MD Stefan Feldmann.

The Australian operation delivered “another year of strong profits”, which has supported expansion in Sydney and Melbourne, he told insuranceNEWS.com.au.

HDI’s German parent, Talanx Group, last week announced a 5% increase in profit to €769 million ($1.08 billion) for last year.

It also says it will change HDI-Gerling’s legal status and rebrand the company as HDI Global SE.

Mr Feldmann says the name change “expresses the reality of our company much better” and will highlight its international alignment.

“The legal status of an SE (societas europaea) is also more familiar in countries outside Europe than the German abbreviation AG for a public limited company,” he said.

“It will ensure our customers in Australia will regard us as a European company. The name HDI Global is also much easier to say for our Australian customers than HDI-Gerling Industrie Versicherung.”

Talanx’s gross written premium grew 3% to a record €28.99 billion ($40.71 billion).

Chairman Herbert Haas says this year will be challenging, with shrinking returns from capital markets and competitive pressures rising, particularly in reinsurance and industrial insurance.