Peak Reinsurance Company Limited – the Hong Kong-based global reinsurer, has reported a 9% increase in gross written premiums (GWP) in 2021, as it rises to $2,145 million, compared to $1,966 million from 2020.
Net profit for the year was $73.2 million, compared to $87.1 million in FY2020.
At the same time, the global reinsurer’s total equity for 2021 was $1,470 million, compared to $1,487 million in FY2020.
Meanwhile, the company also reported a investment income return of 3%, with total asset under management at $2.8 billion.
In addition, Peak Re’s management expense ratio in 2021 remained at a low level of 3.3%. The global reinsurer also reported a technical combined ratio of 98.6% for FY2021.
Addressing Peak Re’s 2021 performance, Franz Josef Hahn, Chief Executive Officer of Peak Re, said: “Multiple severe natural disasters were a key feature that underpinned the 2021 performance of the global reinsurance industry and Peak Re’s Property & Casualty (“P&C”) business. But the Company’s strong analytical capability to discern risks and a globally diversified portfolio helped mitigate the financial impacts.”
Furthermore, Peak Re’s Life & Health (L&H) reinsurance business expanded strongly and accounted for 11% of total GWP for the reinsurer in 2021.
Throughout the year, the company also reported stable revenue growth in Asia-Pacific, as well as healthy premium increases in the Americas and EMEA. In 2021, 55% of the Peak Re’s revenue (based on GWP) was generated from Asia Pacific, 33% from the Americas, and 12% from EMEA.
“A solid capital base and diversified portfolio allowed Peak Re to tackle a tumultuous year with finesse and emerge stronger,” said Cathy Chen, Chief Financial Officer of Peak Re.