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HDI Global says foundations laid for successful year

Industrial insurer HDI Global has reported a stronger first-quarter profit as it benefited from price increases, new business and reduced disaster losses. 

CEO Edgar Puls says the quarter lays the foundation for a successful year for HDI Global, which is part of Hannover-based Talanx Group.

Operating profit increased to €140 million ($228 million) from €86 million ($140 million) and net income rose to €104 million ($169 million) from €69 million ($112 million). 

Revenue growth came mainly from inflation-related price adjustments and new property, liability and specialty insurance business. 

After adjusting for currency effects, insurance revenue rose 14% to €2.3 billion ($3.7 billion). 

The company also benefited from an improved loss ratio for natural disasters, with aggregate large losses declining to €17 million ($27.7 million) from €34 million ($55 million). 

The combined operating ratio improved to 91.8% from 93.2%.