HDI Global’s Australian branch says it had a successful first half after merging its commercial and specialty operations, and is confident of future gains.

HDI owner Talanx Group posted a combined operating ratio of 91.1% for the half, an improvement from 93.1% a year earlier. Insurance revenue rose 14% to €4.8 billion ($7.94 billion) and operating profit climbed to €305 million ($504.72 million) from €190 million ($314.42 million) a year earlier.

Growth in new business and inflation-related price adjustments in property, liability and specialty insurance were the main drivers for the improved results.

“I am excited about the progress we’ve made so far in 2024,” HDI’s local MD Stefan Feldmann said.

“We have continued to amplify our presence in the marketplace, having already written over $1 billion gross premium in 2023.  

“As we step into the latter half of 2024, I’m particularly stoked about unleashing the full potency of HDI to the Australian market and expanding further into the region.”

HDI had “excellent retention” at renewals and growth in new business in the first half, Mr Feldmann says.

HDI Global’s contribution to Talanx Group net income was €223 million ($369.03 million) in the first half, up from €151 million ($249.88 million). The insurance service result climbed 47% to €429 million ($709.93 million) due to an “improved loss ratio for frequency losses”. Large loss payments totalled €128 million ($211.82 million), down by €6 million ($9.92 million).

“With natural catastrophe-related losses making up for the majority of large losses and a strong hurricane season expected, the outlook for the second half of the year remains positive albeit cautious,” HDI said.