Industrial insurer HDI Global Specialty recorded a 10% rise in insurance revenue to €6.6 billion ($10.87 billion) for the nine-month period to September, lifted by its property and liability business’ results. 

Insurance service result increased to €481 million ($792 million) from €275 million ($453 million) a year earlier, benefitting from lower frequency and large losses as well as the rise in interest rates, the Talanx Group-owned insurer says. 

Large losses dropped to €267 million from €316 million ($520 million) and the combined ratio improved to 92.7% from 95.4%. 

Last month Talanx reported its January-September earnings results and lifted its full-year 2023 earnings to “significantly more than” €1.5 billion ($2.4 billion) from a previous €1.4 billion ($2.3 billion) guidance. 

Group net income during the period rose 38% to €1.3 billion ($2.1 billion) and the Industrial Lines division performed strongly, Talanx said. 

Industrial Lines’ contribution to group net income increased to €243 million ($400 million) from €199 million ($327 million).