Corporate and specialty insurer HDI Global has reported positive financial results for 2025, with profitable growth in both revenue and earnings driven by new business, disciplined underwriting and inflation‑related price adjustments. Its Canadian branch played an important role, accelerating growth in key specialty lines and launching new ESG capabilities.
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.
“2025 was a strong year for our Canadian business, marked by solid profitability and a strengthened market presence despite growing complexity and competition,” said Klaus Navarrete, managing director, HDI Global Canada.
Navarrete highlighted “particularly encouraging growth” across marine, cyber, aviation and crisis management, noting that these classes “performed resiliently in an increasingly demanding risk environment.” Those lines have been focal points for many Canadian corporates as supply chain disruption, cyberattack frequency and geopolitical volatility have increased.
A key milestone has been the establishment of ESG Risk Solutions in Canada. The offering is aimed at helping clients manage nature‑related and environmental exposures more comprehensively, as sustainability‑linked regulation, disclosure expectations and transition risk continue to build across sectors such as energy, manufacturing, transport and financial services.
Navarrete also pointed to stronger internal collaboration as a differentiator. “Strong internal collaboration allowed us to deliver more holistic, integrated solutions,” he said, adding that the combination of technical expertise, a long‑term partnership mindset and disciplined execution has “positioned us well in the market landscape.”
Looking ahead, Navarrete said the Canadian business expects 2026 to be another year of measured growth and deeper market engagement, aligned with HDI Global’s new group strategy, Xcelerate29.
“Looking ahead to 2026, I am excited about our ambition to achieve continuous profitable growth while continuing to expand geographically and deepen our relationships with brokers and clients – fully aligned with the priorities of our new strategy Xcelerate29,” he said.
Navarrete added that HDI Global Canada will look to “further strengthen our role as a trusted partner in transformation by combining our personal, relationship‑driven approach with faster, smarter, and more secure services.”
He pointed to a strong focus on partnerships, service excellence and ESG Risk Solutions as central to helping clients navigate an increasingly complex and volatile risk environment, particularly as Canadian companies face converging pressures from climate risk, supply‑chain fragility, cyber threats and evolving regulatory expectations.
