Net profit of $187 million driven by all business units
GWP stable at $1.76 billion due to prudent underwriting
Assets under management up by 6.8% to $3.33 billion
By Ryan Hewlett
April 30 - (The Insurer) - Hong Kong-based reinsurer Peak Re shaved 3.3 percentage points off its P&C combined ratio in 2024 as a strategic restructuring of the portfolio helped to drive improved underwriting results.
Peak Re posted a P&C combined ratio of 84.0% for 2024, an improvement from the 87.3% reported in 2023.
The reinsurer attributed the improvement to the restructuring of its P&C portfolio, which began in 2022. This included a shift to non-proportionate coverages and higher excess-of-loss layers, which helped to shield the carrier from elevated natural catastrophe losses in 2024.
Gross written premiums were stable year on year at $1.76 billion while reinsurance revenue decreased 25.6% to $1.16 billion.
Peak Re, led by CEO Franz-Josef Hahn, said it expanded its re-underwriting efforts over 2024 to enhance “portfolio resilience” and prepare for “market softening”, with a focus on global diversification and a balance between P&C and life and health business.
The life and health business, which also includes the company’s short-term health business, generated $405 million in GWP, representing 23% of the total reinsurance portfolio.
Peak Re reported a reinsurance service result of $144 million in 2024, down from $189 million in 2023.
Group net profit after tax of fell 6.5% to $187 million, the reinsurer’s second-best result in its 12-year history.