AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.) (Germany) and its rated insurance subsidiaries. Additionally, AM Best also has affirmed the Mexico National Scale Rating of “aaa.MX” (Exceptional) of HDI Global Seguros, S.A. (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the subsidiaries and ratings.)

The ratings of HDI V.a.G. reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.

AM Best expects HDI V.a.G.’s consolidated risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), to be maintained at the strongest level, supported by strong earnings generation and a prudent capital management approach. The group’s asset-liability and liquidity management capabilities are expected to help it withstand current external headwinds associated with financial market volatility and uncertain macroeconomic prospects. Financial leverage and coverage ratios are supportive of the group’s balance sheet strength assessment, and financial flexibility is considered excellent due to its good access to capital markets. In addition, the group continues to strengthen resiliency buffers embedded in its claims reserves.

HDI V.a.G. and the Talanx Group have a track record of strong and stable operating performance, demonstrated by solid return-on-equity (ROE) ratios of 16.1% and 18.6% as per year-end 2024, respectively, as calculated by AM Best under IFRS 17. The ROE for the Talanx Group, which combines all operating group companies of HDI V.a.G., further improved to 21.5% for the first nine months of 2025, as reported by the group. Excellent non-life technical profitability was reflected in a combined ratio of 86.7% (2023: 92.0%) (net/net, as calculated by AM Best). AM Best notes that the group’s earnings diversification has improved over recent years with increasing contributions from primary segments, following its acquisitions in Latin America. The group's Corporate & Specialty and Retail Germany segments continue to demonstrate a clear trend of underwriting improvements, resulting from successful restructuring measures, pricing actions and prudent risk selection. The group’s resilient investment income also continues to provide a significant source of income.

HDI V.a.G. benefits from a strong franchise and leading position in its core markets. The group has increased its geographic footprint through external growth in recent years. Insurance revenue growth is supported by good diversification of primary and reinsurance operations and enhanced by its very strong competitive position in the global reinsurance market and Germany’s industrial segment.

The FSR of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) have been affirmed, with a stable outlook, for the following subsidiaries of HDI V.a.G.:

• HDI Global Insurance Company
• HDI Global Select Insurance Company
• HDI Specialty Insurance Company
• HDI Global UK Limited
• Talanx AG
• HDI Global SE
• HDI Global Network AG
• HDI Lebensversicherung AG
• HDI Global Specialty SE
• HDI Global Seguros, S.A.
• HDI Reinsurance (Ireland) SE

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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