Peak Re’s net assets reached USD1.02 billion in the first half year of 2018

2018 first half year financial highlights:

• Gross written premiums of USD671.2 million
• Net profit of USD30.2 million
• Technical combined ratio of 96.3%
• Annualised return on equity of 6.0%
• Net assets grew to USD1.02 billion
• Solvency ratio of 521.6%

Peak Reinsurance Company Limited (“Peak Re” or “the Company”) has continued on the path of profitable growth in the first half year of 2018. This was achieved by an increase in gross written premiums, disciplined underwriting and continuing attention to administrative expenses.

“I am proud to report that Peak Re delivered again strong results and have built up a profitable book of business over the years. For the first six months of 2018, we have reached a net profit of USD30.2 million and an annualised return on equity of 6%. The net assets reached USD1.02 billion, contributed by the joining of new investor Prudential Financial, Inc. in early 2018. Our solvency remains very strong with solvency adequacy ratio of 521.6%. Peak Re continues to deliver stable and sustainable returns and is committed to maximising long-term shareholder value, ” said Cathy Chen, Chief Financial Officer of Peak Re.

As of 30 June 2018, the Company’s premium income increased to USD671.2 million. The result is driven by the strengthening of Peak Re’s presence in Asia Pacific, particularly in China and India as well as the ongoing development of the Company’s book internationally across Europe and North America. Peak Re’s technical combined ratio at the half year was 96.3% and administrative expenses ratio was 3.2%.

Peak Re was awarded “Asian Reinsurer of the Year” for the third year in a row by Asian Banking and Finance magazine in 2018.

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About Peak Re
Peak Re is headquartered in Hong Kong with shareholder equity of USD1.02 billion as of 30 June 2018. It is authorised by the Insurance Authority of Hong Kong and is rated “A-” by A.M. Best, a leading international insurance industry credit rating agency. Fosun International Limited (00656.HK) (“Fosun”) and Prudential Financial, Inc. hold 86.9% and 13.1% of Peak Re via Peak Re Holdings, respectively. 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.

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Edward Ion
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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