Peak Re boasts ninth straight year of premium growth

The group’s GWP increased by 9% in 2021.

Hong Kong-based global reinsurer Peak Reinsurance Company Limited has achieved a ninth straight year of premium growth according to its latest financial report which saw 2021 overall gross written premiums (GWP) increase by 9%.

The company reported that its GWP has risen to $2.1b million in 2021, up from $1.9b in 2020. Net profit in 2021 was $73.2m, compared to $87.1m in 2020.

According to Peak Re CEO Franz Josef Hahn, 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,” Hahn said.

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The company’s Life & Health (“L&H”) reinsurance business expand strongly and accounted for 11% of total gross written premiums of the Company in 2021. Over the year, Peak Re reported stable revenue growth in Asia Pacific and healthy premium increases in the Americas and EMEA. In 2021, 55% of the Company’s revenue (based on gross written premium) was generated from Asia Pacific, 33% from the Americas, and 12% from EMEA.

In 2021, Peak Re won the Asian Reinsurer of the Year award from the Insurance Asia Awards.