, Hong Kong
134 views
/Alfie Huo from Pexels

Peak Re boasts better first-semester results

Net profits rebounded to $106m.

Peak Reinsurance (Peak Re), a global reinsurer based in Hong Kong saw its first half 2023 revenue reach $750m, down 22.8%.

Its net profit, however, showed a better performance than last year’s with $160m versus the net loss of $103m in 2022.

Property and Casualty (P&C) combined ratio stood at 82.2%, previously 108.4%. Net assets were pencilled at $1.3b, unchanged from last year.

The solvency ratio during the period was 287% (261% in 2022)

Franz-Josef Hahn, Peak Re’s CEO, commented, "As of June 30, 2023, Peak Re achieved a strong net profit of USD 160 million, driven by reinsurance revenue of USD 750 million, highlighting the high quality of our underwriting portfolio. Our P&C combined ratio of 82.2% reflects our robust underwriting and risk selection capabilities."

ALSO READ: Peak Re 2022 gross written premiums up 7%; records net loss

In the first half of 2023, Peak Re's investment return improved to 4.6% on an annualised basis, with investment income reaching $74m, compared to a loss of $95m in the same period in 2022. 

This improvement is attributed to higher recurring income yield and reduced unrealized losses in Peak Re's fixed-income portfolio.

As of June 30, 2023, Peak Re's investable assets and net assets were $3.0b and $1.3b, respectively. The solvency adequacy ratio remained strong at 287%.

 

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Chubb elevates Kate Burke in APAC personal lines
Burke has over 17 years of industry experience and has a background in travel insurance.
Insurance
Income Insurance debuts in AltaX
Income Insurance shareholders can sell their shares to Phillip Securities.
Insurance
Health insurers show mixed profit margins in Q4’23
There was a noticeable decrease in market capitalisation noted from Q4’22 to Q4’23.
Insurance

Exclusives

Markel targets professional indemnity market in Australia
Head of professional and financial risks, Kym Beazleigh, explains the game plan in Markel’s strategic expansion.
Natural disasters steer Asia Pacific towards parametric insurance
Swiss Re gives importance to parametric insurance amidst challenges like basis risk and modelling complexities.
InterContinental Singapore is saving insurance for a rainy day
NUS Professor Charoenwong discusses the effectiveness and value of a Singaporean hotel’s rain insurance offer.