HDI Global reported a combined ratio of 90.7% for the first half of 2026, reflecting an improvement from 91.6% in the same period a year earlier. Management credited the progress primarily to a stronger insurance service result and a reduction in large-loss payments.
The insurer's contribution to its parent company, Talanx Group, rose 7% to €292 million ($338.3 million) over the six-month reporting period. Operating profit also edged higher, increasing to €381 million from €377 million in the first half of 2025.
Insurance revenue was unchanged at €5 billion for the period. HDI Global attributed the flat top line to currency effects combined with what it described as disciplined underwriting practices.
The insurance service result expanded by 8% year over year, reaching €465 million. Large loss payments fell to €92 million, down from €142 million in the prior-year period. The large-loss outflow for the half came in €209 million below the pro rata budget that had been set for the period; that budget had been recognized in full.
On the loss environment, HDI Global said that natural catastrophe losses remained below budget in the first half. However, the company noted that significant man-made losses continued to affect clients across all industries.
Context and implications
The combination of a lower combined ratio, higher insurance service income and reduced large-loss payments produced modest operating and net income gains for HDI Global in the first six months of 2026. Insurance revenue held steady, with management pointing to exchange-rate impacts and underwriting discipline as explanatory factors.
The company’s performance influenced its contribution to group results at Talanx, which saw the HDI Global contribution increase by 7% in the period covered.
What the figures show
- Combined ratio: 90.7% in H1 2026, improved from 91.6% a year earlier.
- Contribution to Talanx Group net income: €292 million, up 7% year over year.
- Operating profit: €381 million, up from €377 million in H1 2025.
- Insurance revenue: stable at €5 billion, affected by currency and underwriting actions.
- Insurance service result: €465 million, an 8% increase year over year.
- Large loss payments: €92 million, down from €142 million in the prior-year period and €209 million below the pro rata budget.
HDI Global emphasized that while natural catastrophe losses were below budget during the first half, material man-made losses persisted across sectors, a factor that remains relevant for underwriting outcomes going forward.