Corporate and specialty insurer HDI Global has reported another year of profitable growth for 2025, with higher revenue and earnings driven by new business, disciplined underwriting and inflation‑related price adjustments. Its Singapore branch played a key role, expanding its proposition and regional footprint across Southeast Asia.
“2025 was a defining year for HDI Global Singapore. We enhanced our proposition with new offerings in accident & health and financial lines, strengthened our energy capabilities with upstream energy and cyber, and deepened our engagement with our key stakeholders across major regional industry forums,” said Alex Tarantino, managing director, HDI Global Singapore.
Globally, insurance revenue rose 5% on a currency-adjusted basis to €10.3 billion, up from €10.0 billion a year earlier. Growth came primarily from new business and price adjustments in existing portfolios.
Large loss payments increased slightly to €426 million from €402 million but remained €125 million below budget. The insurance service result was broadly stable at €997 million, compared to €1,004 million in 2024.
The combined ratio benefited from low frequency losses, coming in at 90.3% versus 90.0% the prior year and staying within the group’s target of below 92%. The net insurance financial and investment result before currency effects rose to €102 million from €83 million, supported by higher investment volume.
Overall, EBIT increased 4% to €732 million from €702 million, while HDI Global’s contribution to Talanx Group net income rose 10% to €551 million from €501 million.
Within the corporate and specialty segment, HDI's 2025 metrics place it firmly among the sector's solid performers.
Allianz Commercial, one of HDI's largest global peers, reported around €18 billion in gross premium globally in 2023 for its integrated commercial and large corporate business.
HDI's reported combined ratio of 90.3% sits comfortably within the sub-90s to low-90s range many leading corporate and specialty platforms target, particularly after several years of elevated catastrophe and large-loss activity. The group's AA- financial strength rating from S&P and AM Best, which is described as "very strong", and is broadly in line with the ratings profile of other large global markets.
The company's 2025 numbers suggest it is holding its ground in its peer group -- growing revenue, preserving margin and maintaining a balance sheet and rating profile that support further growth in large and specialty risks.
Locally, HDI Global Singapore has been positioning itself as a hub for corporate and specialty lines across the region. The addition of accident & health and financial lines expands its product set in areas where many regional clients are reassessing programme structures, retentions and limits, particularly against a backdrop of evolving regulatory and cyber exposures.
On the energy side, the strengthening of upstream energy and cyber capabilities is aimed at industrial, infrastructure and transition‑related projects, where demand for sophisticated wordings and multinational support has been rising. That build‑out gives regional brokers another option for assembling complex towers and international programmes anchored in Singapore.
HGIC also highlighted progress on its digital roadmap, including increased automation and the minimum viable product launch of Guidewire PolicyCenter.
For Asian intermediaries who often cite service levels and responsiveness as key differentiators among global markets, that digital investment – combined with a stable sub‑92% combined ratio – suggests HDI Global is positioning itself to compete more aggressively on both price and service in the region’s complex corporate and specialty space.
The group’s AA‑ rating upgrade further underpins its positioning with large corporate accounts and international programs, where counterparty strength and network capabilities are closely examined. HDI Global describes itself as a commercial and specialty lines carrier with access to a global network in more than 175 countries and experience leading over 5,100 international programs.
Looking ahead, Tarantino said HDI Global Singapore will play a key role in advancing the group’s Xcelerate29 strategy in Southeast Asia.
“Looking ahead to 2026, HDI Global Singapore will play a key role in advancing the group’s Xcelerate29 strategy as we strengthen our presence in Southeast Asia, while progressing opportunities across energy transition, alternative risk transfer, captives, and international programmes,” he said.
For the regional market, that focus suggests continued appetite from HDI Global for large corporate and specialty risks placed through Singapore – particularly in sectors such as energy, infrastructure, manufacturing and financial institutions – backed by a balance sheet and ratings profile that have remained resilient through another year of heightened loss activity globally.
