Fosun International Limited has released its results for the first half of 2023, which included a 40% loss in profit, as the company posted a RMB 1,35 billion profit, compared to last year’s RMB 2.28 billion.
At the same time, Peak Re, which Fosun Intl. is the major shareholder of, recorded gross written premium (GWP) of USD $833 million, compared to last years USD $1,224 million.
Moreover, with the increasing public awareness of the potential financial impact from catastrophe losses, the global reinsurance demand remains strong.
During H123, major disasters took place around the world, which includes the flooding in New Zealand from the end of January to early February, immediately followed by Cyclone Gabrielle, which winded up putting pressure on Peak Re, but at the same time, also increased customers’ demand for adequate reinsurance protection.
In the latest insured loss update from PERILS, the Zurich-based catastrophe insurance data provider has pegged the total loss at NZ $2.018 billion.
In addition, against a backdrop of rising P&C reinsurance rates and tight availability of capital across the globe, Peak Re remained well positioned to capitalize on its strength, flexibly adjusting its strategy to deliver a robust financial performance, and prudently managed its risk exposures.
Meanwhile, in their full-year results for 2022, Peak Re recorded a net loss of US $81 million, compared to the prior year’s net profit of $73.2 million.
