HDI Global says it has made a promising start to the year, with first-quarter earnings up.

The corporate and specialty insurer recorded a rise in operating profit to €195 million ($343 million) from €140 million ($246 million) a year earlier; net income to €141 million ($248 million) from €104 million ($182 million); and insurance revenue to €2.6 billion ($4.6 billion) from €2.3 billion ($4.04 billion). 

HDI says growth in new business and inflation-related price adjustments contributed to the March-quarter result.

“Despite a significant number of large losses, we have made a promising start into 2025 and are confident for the remainder of the year,” CEO Edgar Puls said.

Large loss payments blew out to €105 million ($184 million) from €17 million ($29 million).

“If you look at the wildfires in California, the first quarter clearly underpinned the increased severity of natural catastrophes and once again highlighted the importance of prevention to mitigate the consequences of these events for companies and societies alike,” Dr Puls said.