Peak Re sees strong H1 profit as GWP swell to $847.9m

Hong Kong-based reinsurer Peak Re has released its H1 2024 results, reporting GWP of $847.9 million, up from $832.9 million in the same period of 2023.

At the same time, Peak Re disclosed an H1 2024 profit of $124.2 million, while its investment results benefitted from rising interest rates.

Indeed, with assets under management of $3 billion, Peak Re achieved an annualised investment yield of 4.1% in H1 2024.

According to the firm, it has maintained a steadfast focus on stringent risk selection and underwriting discipline during the period to drive growth while ensuring a strong bottom line.

Meanwhile, by leveraging its strong business franchise in the Asia region, Peak Re has also reportedly secured promising business opportunities while maintaining global diversification.

The reinsurer’s property and casualty insurance combined ratio reportedly remained robust at 84.9%, and its life and health business expanded.

Looking forward, Peak Re observed that its business outlook for H2 2024 “remains positive”, as demand for reinsurance is expected to be strong in light of sustained economic losses from natural catastrophes.

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