Peak Re expands Asian business in H1
Hong Kong-based Peak Reinsurance Company has significantly expanded gross written premium in the first half of 2018 as it expands in Asia.
The company’s premium income increased to $671.2 million in the first six months of 2018 from $472.4 million in the same period a year ago. Growth was driven by the strengthening of Peak Re’s presence in Asia Pacific, particularly in China and India as well as the ongoing development of the company’s book internationally across Europe and North America, according to a corporate statement.
The combined ratio was 96.3 percent in the first half of 2018. Net profit fell slightly to $30.2 million in the first half of 2018 compared to $36.1 million in the same period a year ago.
“I am proud to report that Peak Re delivered again strong results and have built up a profitable book of business over the years,” said chief financial officer Cathy Chen.
“For the first six months of 2018, we have reached a net profit of $30.2 million and an annualised return on equity of 6 percent. The net assets reached $1.02 billion, contributed by the joining of new investor Prudential Financial in early 2018,” Chen added.
Fosun International and Prudential Financial hold 86.9 percent and 13.1 percent of Peak Re via Peak Re Holdings, respectively.
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