Corporate and specialty insurer HDI Global has reported another year of profitable growth for 2025, with gains in both revenue and earnings supported by new business, disciplined underwriting and inflation-related rate increases.
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.
HDI Global Insurance Company (HGIC), the group’s US subsidiary, reported further progress on its strategic and operational agenda in 2025, with growth in key segments and ongoing investment in systems and data.
Jim Clark (pictured), CEO of HDI Global Insurance, said that 2025 was a "year of meaningful progress" for the company in the US.
"We expanded our footprint in environmental liability and energy & power, launched new and enhanced products, and established the US energy hub as one of three global hubs within HDI," he added.
The build-out adds another carrier option in areas where capacity and expertise can be cyclical, particularly around industrial, infrastructure and transition-related risks. The creation of a US energy hub as one of HDI’s three global hubs also indicates that complex energy business placed from the US will remain a strategic priority.
HGIC also highlighted progress on its digital roadmap, including increased automation and the minimum viable product launch of Guidewire PolicyCenter.
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, Clark said the company sees continued opportunity in the US under its new local strategy, Xcelerate29.
“Looking ahead to 2026, we are very excited about the opportunities in the US market. Our local roadmap built on our new strategy Xcelerate29 is ambitious and sets out a clear path to significantly increase our business by the end of the decade," he said. "We will continue to invest in energy & power and specialty solutions, while accelerating the use of AI and data analytics across underwriting and operations. Strong momentum in captives, parametric solutions and international programs further supports our growth ambitions. By combining local expertise with HDI Global’s international capabilities, we are well positioned to scale sustainably and deliver long-term value for clients and brokers."
