Reinsurance company Peak Re ends 2020 with soaring $676.12m net profit
This marks the eight consecutive years of stable growth for the company.
Hong Kong-based reinsurance company Peak Reinsurance Company Limited reported a net profit increase of 150% YoY to $676.12m (US$87.1m) in its 2020 Annual Results.
The Company reported gross written premiums in 2020 rose to $14.75b (US$1.9b), up from $12.42b (US$1.6b) in 2019.
Peak Re also reported stable revenue growth in Asia Pacific and strong performance in the US, Europe, Middle East and Africa. In 2020, 61% of the company’s revenue was generated from Asia Pacific, 29% from the US, and 10% from EMEA, representing an increase of 5.4%, 52.4% and 30.9% respectively when compared to 2019.
“While the events of 2020 have stress tested the reinsurance industry, for Peak Re, it was both a remarkable and successful year. Our resilience and agility enabled us to achieve key milestones and deliver another year of strong results.” said Franz Josef Hahn, chief executive officer of Peak Re.
Since commencing its operations in 2012, the company has since grown steadily to rank 29th amongst global reinsurance groups in terms of net reinsurance premiums written.