Peak Re more than doubles profits in 2020
Peak Reinsurance Company, the Hong Kong-based global reinsurer, reported strong growth across the business in its full year results for 2020, with particularly strong growth outside its core markets in Asia Pacific.
Peak Re reported net profit of $87.1 million in 2020, up from $34.9 million the previous year.
Gross written premiums (GWP) increased to just under $2 billion in 2020, from $1.66 billion in 2019.
It reported stable revenue growth in Asia Pacific and strong performance in the Americas and EMEA. In 2020, 61 percent of its revenue, based on GWP, was generated in Asia Pacific, with 29 percent coming from the Americas and 10 percent from EMEA. That represented an increase of 5.4 percent, 52.4 percent and 30.9 percent, respectively, compared to 2019.
Its combined ratio at the end of 2020 was 97.6 percent.
Franz Josef Hahn, Peak Re’s chief executive officer, said: “While the events of 2020 have stress tested the reinsurance industry, for Peak Re, it was both a remarkable and successful year. Our resilience and agility enabled us to achieve key milestones and deliver another year of strong results.”
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