Peak Re reports strong profitable growth in first six months of 2017

Financial highlights – Interim results for the first six months of 2017 as of 30th June 2017:

•   Gross written premium of USD472.4 million
•   Net profit of USD36.1 million
•   Property and casualty gross technical margin of USD19.3 million
•   Annualised return on equity of 7.9%
•   Solvency ratio of 550.9%

Peak Reinsurance Company Limited (“Peak Re” or “the Company”) delivered a strong performance in the first half of 2017. Key contributing factors include balanced profitable growth, a high-quality asset portfolio providing strong return on investments and a competitive administrative expense ratio.

Commenting on the performance, Chief Executive Officer Franz-Josef Hahn said: “Peak Re delivered solid results in the first six months of 2017, generating net profit of USD 36.1 million and an annualised return on equity of 7.9%, driven by good underwriting results and investments returns.   With the strong relationships we have developed with our clients and our business partners, Peak Re has deepened our client penetration while capturing new opportunities to deliver strong results in an operating environment that remains challenging.  Our performance has demonstrated the strength of Peak Re’s business and a clear reflection of our clear strategy and commitment to maximise long-term shareholder value.”

Gross premiums written for the half-year increased to USD472.4 million.  The increase was seen across all product lines, in particular non-property, and across Asia, Europe and Americas, leveraging on successful January, April and June renewals.   As a result of Peak Re’s disciplined underwriting and its single underwriting platform, the Company delivered a gross property and casualty technical margin of USD19.3 million and a competitive administrative expense ratio of 4.0%.  Return on investments was 3.4% as the investment portfolio continued to provide strong and sustainable long term returns.

The Company’s solvency ratio was 550.9% with shareholders’ equity of USD909.0 million as of 30th June 2017. Peak Re is well-position to weather any head-winds and can quickly respond to market opportunities.

In 2017, Peak Re further expanded its business and brand presence globally with its newly established subsidiary in Zurich, Switzerland being granted its license to conduct reinsurance business from 1st January 2017. In Malaysia, the Company was also granted the licence to conduct general reinsurance business by the Labuan Financial Services Authority (Labuan FSA) effective from 1st July 2017.

Peak Reinsurance was awarded “Asian Reinsurer of the Year” for the second consecutive year by Asian Banking and Finance magazine and is one of the Global Top 50 reinsurance groups ranked by A.M. Best.

About Peak Re

Peak Re is headquartered in Hong Kong with shareholder funds of US$909.0 million as of 30th June 2017. It is authorised by the Office of the Commissioner of Insurance (took over by Insurance Authority from 26th June 2017) and is rated “A-” by A.M. Best, a leading international insurance industry credit rating agency. The Company is backed by Fosun International Limited (HK.656) and International Finance Corporation, a member of the World Bank Group, which have respectively invested 86.93% and 13.07% in the Company. Peak Re offers reinsurance services covering a range of lines across Asia Pacific, EMEA and the Americas, tailor-making risk transfer and capital management solutions to best fit clients’ needs.

For media enquiries, please contact:

Edward Ion
Managing Partner
Helix Media Pte Ltd
Tel: +65 91116871
Email: edward.ion@helixmedia.asia
Henner Alms
Partner
Dr. Schanz, Alms & Company
Tel: +41 44 256 1082
Email: henner.alms@schanz-alms.com
Beverly Yau
Vice President
Corporate Communications
Peak Reinsurance Company Limited
Tel +852 3509 6529
M  +852 6970 7576
Email:  beverly@peak-re.com
Sherring Mak
Assistant Vice President
Corporate Communications
Peak Reinsurance Company Limited
Tel +852 3509 6545
M  +852 9271 6680
Email:  sherring@peak-re.com

 

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestEmail this to someonePrint this page