Peak Reinsurance Company Limited (“Peak Re” or “the Company”), a Hong Kong-based global reinsurer, is pleased to report another year of sustained earnings and profitable growth in 2019 despite a challenging environment.
Financial Highlights in 2019:
Gross written premiums: US$1.7 billion
Total assets: US$4.4 billion
Net profit: US$35 million
Shareholder equity: US$1.1 billion
Solvency ratio: 367%
Administrative expense ratio: 3.4%
Commenting on Peak Re’s 2019 results, CEO Franz Josef Hahn says, “2019 is best characterised as a balanced year. While the global reinsurance industry was affected by the recurring number of natural catastrophes and rates hit the bottom of the pricing cycle, we have adopted a fresh perspective that allowed Peak Re to weather these uncertainties well, demonstrating the inherent resilience in our business model as well as our ability to seize opportunities as they arise.”
As of 31 December 2019, Peak Re’s net profit reached US$35 million, premium income up 20% to US$1.7 billion, reflecting the Company’s strong underwriting performance and effective risk management that enabled the Company to navigate smoothly through a year of frequent natural catastrophes and market volatility
Peak Re’s investable assets increased to US$2.1 billion and net assets reached US$1.1 billion.
In 2019 Peak Re’s Property & Casualty business showcased a strong performance against a challenging environment. The business continued to grow across all geographies, contributing to the majority of the Company’s premium income and confirming the effectiveness of the strategy in portfolio optimisation.
Peak Re’s Life & Health business saw significant growth in 2019 generating a growth by volume in both traditional risk and structured reinsurance products.
“We thank all of our clients, business partners and shareholders for their trust, the team for its relentless hard work and our board of directors for its strong guidance. We are pleased with what we have achieved together and confident of our outlook for 2020 and beyond,” says Mr. Hahn.