Reinsurance News

Peak Re reports $2,145mn GWP for 2021

4th July 2022 - Author: Jack Willard

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.

peak-re-logo-newNet 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.

Stratumn, by SIA Partners

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.

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