Peak Re boasts better first-semester results
Net profits rebounded to $106m.
Peak Reinsurance (Peak Re), a global reinsurer based in Hong Kong saw its first half 2023 revenue reach $750m, down 22.8%.
Its net profit, however, showed a better performance than last year’s with $160m versus the net loss of $103m in 2022.
Property and Casualty (P&C) combined ratio stood at 82.2%, previously 108.4%. Net assets were pencilled at $1.3b, unchanged from last year.
The solvency ratio during the period was 287% (261% in 2022)
Franz-Josef Hahn, Peak Re’s CEO, commented, "As of June 30, 2023, Peak Re achieved a strong net profit of USD 160 million, driven by reinsurance revenue of USD 750 million, highlighting the high quality of our underwriting portfolio. Our P&C combined ratio of 82.2% reflects our robust underwriting and risk selection capabilities."
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In the first half of 2023, Peak Re's investment return improved to 4.6% on an annualised basis, with investment income reaching $74m, compared to a loss of $95m in the same period in 2022.
This improvement is attributed to higher recurring income yield and reduced unrealized losses in Peak Re's fixed-income portfolio.
As of June 30, 2023, Peak Re's investable assets and net assets were $3.0b and $1.3b, respectively. The solvency adequacy ratio remained strong at 287%.