Hong Kong, 28 August 2024—As at the end of the Reporting Period, the Group held 86.71% equity interest in Peak Reinsurance.

During the Reporting Period, Peak Reinsurance continued its strong performance from 2023, achieving GWP of USD847.9 million (first half of 2023: USD832.9 million)[1]. Peak Reinsurance continued to be rated at A- (Excellent) by AM Best. 

Peak Reinsurance has maintained a steadfast focus on stringent risk selection and underwriting discipline to drive growth while ensuring a strong bottom line. Leveraging its strong business franchise in the Asia region, the company secures promising business opportunities while maintaining global diversification. Notably, the property and casualty insurance combined ratio remained robust at 84.9% (first half of 2023: 82.2%) in the first half of 2024. Life and health business represents an important diversification area for Peak Reinsurance and continued to expand during the Reporting Period.

Investment results in the first half of 2024 benefit from rising interest rates. With assets under management of USD3.0 billion, Peak Reinsurance achieved an annualized investment yield of 4.1% in the first half of 2024.

Overall, Peak Reinsurance reported a strong profit of USD124.2 million in the first half of 2024. Net assets value increased to USD1.4 billion, from USD1.3 billion at the end of 2023.

The business outlook for the second half of 2024 remains positive. Demand for reinsurance is expected to remain strong in light of sustained economic losses from natural catastrophes, while Peak Reinsurance will continue to exercise stringent risk selection and risk management to limit its exposure.

[1] Allfigures are based on HKFRS 17 except gross written premiums which are based on HKFRS 4. Figures refer to unaudited financial results for the first half of 2023 and 2024, respectively, unless otherwise specified.