HDI Global says its combined ratio improved to 93.2% in the first quarter, from 96.2% a year earlier, as insurance revenue jumped to €2.1 billion ($3.42 billion), boosted by liability, and fire and engineering lines. 

Operating profit rose 43% to €86 million ($139.96 million).  

The underwriting result doubled to €141 million ($229.46 million) as large loss payments dropped to €34 million ($55.33 million), from €91 million ($148.09 million) a year earlier, almost half of which related to the earthquakes in Turkey and Syria. 

Specialty business revenue was €681 million ($1.11 billion), while HDI’s contribution to the group net income at parent Talanx almost doubled to €69 million ($112.29 million). 

HDI says it is "looking to the remainder of the year with optimism”. 

"The good numbers demonstrate the quality of our underwriting but they also underscore how we consider ourselves a partner for our clients … including in a preventive advisory role,” CEO Edgar Puls said. 

HDI Global parent Talanx Group has said it is on track to achieve €1.4 billion ($2.2 billion) in full-year net income after overall insurance revenue grew 6% to €10.7 billion ($17.4 billion) in January-March.  
  
The New Zealand cyclone and flood events cost Talanx €52 million ($84 million) and €47 million ($76 million) respectively.