Business

Peak Re profit soars 150% in FY20

Despite the effects of the pandemic and an economic recession, Peak Re said it remained ‘steadfast in its deep client partnership approach’

Peak Reinsurance Company Limited, the Hong Kong-based global reinsurer, has reported its net profit soared 150% to $87.1m (£61.4m), up from $34.9m (£25m) in 2019.

Meanwhile, gross written premiums of $1.97bn (£1.39bn) in 2020, up from $1.66bn (£1.17bn) in 2019, and total equity grew to $1.49bn (£1.05bn), up from $1.09bn (£768m)in 2019.

Despite the effects of the pandemic and an economic recession, Peak Re said it remained “steadfast in its deep client partnership approach, and has successfully built a robust business portfolio that is increasingly diversified across clients, business lines and geographies”.  

The group also reported stable revenue growth in Asia Pacific and a “strong” performance in the Americas and EMEA.  

In 2020, 61% of the company’s revenue was generated from Asia Pacific, 29% from the Americas, and 10% from EMEA, representing an increase of 5.4%, 52.4% and 30.9% respectively when compared to 2019.

Franz Josef Hahn, CEO of Peak Re, 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.

“We expect 2021 will offer many causes for optimism as we enter into a period of steady global recovery. Peak Re is on the journey to build a sustainable future with our partners.”

He added: “With the recovery already underway in Asia, we are looking to our Asia Pacific region to continue to outperform other regions and be the growth driver for the broader economy, as well as the insurance industry. This presents significant room for us to further grow in emerging markets where economies are still expanding.”

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