Peak Reinsurance Company Limited the Hong Kong-based global reinsurer has reported a 150% increase on net profit for 2020 when compared with the previous year.
Net profit grew to $87.1 million, from $34.9 million in 2019, helped by a large increase in gross written premiums.
GWP in 2020 rose to $1.966 billion, up by 18% from the previously reported $1.665 billion in 2019.
Peak Re noted that it managed to achieve these results despite the headwinds of a pandemic and economic recession due to its “robust” and “increasingly diversified” business portfolio.
In particular, Peak Re reported stable revenue growth in Asia Pacific and strong performance in the Americas and EMEA.
In 2020, 61% of the company’s revenue (based on gross written premium) was generated from Asia Pacific, 29% from the Americas, and 10% from EMEA, representing an increase of 5.4%, 52.4% and 30.9% respectively when compared to 2019.
“While the events of 2020 have stress tested the reinsurance industry, for Peak Re, it was both a remarkable and successful year. Our resilience and agility enabled us to achieve key milestones and deliver another year of strong results.” said Franz Josef Hahn, Chief Executive Officer of Peak Re.
“We expect 2021 will offer many causes for optimism as we enter into a period of steady global recovery. Peak Re is on the journey to build a sustainable future with our partners,” he continued.
“With the recovery already underway in Asia we are looking to our Asia Pacific region to continue outperform other regions and be the growth driver for the broader economy, as well as the insurance industry. This presents significant room for us to further grow in emerging markets where economies are still expanding.”