Full-year 2024 key financial highlights and outlook for 2025[1]
•    Net profit of USD187 million, driven by all business units
•    Gross written premiums (“GWP”) stable at USD1.76 billion, due to prudent underwriting
•    Assets under management up by 6.8% to USD3.33 billion, investment income of USD122 million
•    In 2025, Peak Re opened a branch in GIFT City, India, and secured a subsidiary license in Bermuda

Hong Kong, 30 April 2025 – Peak Reinsurance Company Limited (“Peak Re” or the “Company”), the Hong Kong-based global reinsurer, today announced its full-year financial results for the year ended 31 December 2024. With a net profit after tax of USD187 million –the Company’s second-best results in its twelve-year history – the Company demonstrated resilience and sustained profitability amidst a turbulent risk environment. The Company’s Return on Adjusted Equity (ROAE) stood at a healthy 15.7%, and total equity rose to USD1.43 billion, supported by strong underwriting and investment performance across all lines of business.[2]

“In 2024, we successfully built on Peak Re’s strong business franchise to position us for further growth,” said Franz-Josef Hahn, Chief Executive Officer of Peak Re. “Throughout the year, we further diversified our reinsurance portfolio both geographically and across different lines of business. We strengthened our robust network of client relationships through regular, transparent and timely engagements. Importantly, we demonstrated our leadership ambitions by further investing in our IT systems and business processes, thereby enhancing our capabilities to support our clients in navigating today’s fast-evolving risk landscape.”

Delivering strong results in an uncertain world
The net profit reached USD187 million, with stable GWP of USD1.76 billion and reinsurance revenue of USD1.16 billion. Reinsurance service results were USD144 million, with a solvency ratio of 186%.[3]  In August 2024, AM Best reaffirmed Peak Re’s Financial Strength Rating of A-, revising its outlooks to ‘stable’ from ‘negative’, reflecting the Company’s robust fundamentals and disciplined risk management.

Resilient P&C strategy pays off
Peak Re’s strategic restructuring of its Property & Casualty (“P&C”) portfolio, initiated in 2022 with a shift from proportionate to non-proportionate coverages and higher excess-of-loss layers, successfully shielded the Company from the market’s elevated natural catastrophe losses in 2024. This approach was further expanded during the year to enhance portfolio resilience and prepare for potential market softening, with a focus on global diversification and a strong balance between P&C and Life & Health (“L&H) business lines. Notably, Peak Re deepened its presence in the US SME market, particularly in casualty and cyber risk, through its Bermuda platform. Combined with disciplined expense management of the Company, these measures led to a significant reduction in the combined ratio to 84.0%, down from 87.3% in 2023.

Measured expansion in Life & Health
In 2024, Peak Re’s L&H business, which also includes the Company’s short-term health business, generated USD405 million in GWP, representing 23% of the Company’s total reinsurance portfolio. While this marks a slight decline from the previous year, it underscores the segment’s continued strategic importance and strong foundation for future growth. Peak Re’s approach to L&H is deliberately measured, focusing on one market at a time and building local expertise through on-the-ground specialists. 

Operating across China, India, Vietnam, Indonesia, and the Middle East, the Company offers tailored solutions that align with clients’ market objectives. Demand in these regions is fueled by demographic shifts such as ageing populations, rising non-communicable diseases, and evolving lifestyles, as well as structural changes like regulatory reforms and growing pressure on public healthcare systems to involve private sector support.

Disciplined investing drives solid returns
Peak Re’s assets under management reached USD3.33 billion by end of 2024, up from USD3.12 billion in 2023. Investment income rose to USD122 million, reflecting a yield of 3.6%. The investment strategy remained focused on high-quality fixed-income assets with short duration and strong liquidity. Total equity of the Company increased to USD1.43 billion, while its economic value, calculated as the sum of the net asset value (NAV) and the contractual service margin (CSM) reached USD1.58 billion.

Sustained cost-efficiency and talent development
Operating with a headcount of 164 across its offices in Hong Kong, Zurich, Bermuda, and Japan, Peak Re continued to invest in both talent and digital infrastructure. Key advancements in automation and data analytics enhanced underwriting precision and efficiency. The Company remains committed to building a diverse and agile organisation that reflects its global client base.

Strategic growth in India and Bermuda
In early 2025, Peak Re received approval from the International Financial Services Centres Authority (IFSCA) to establish an IFSC Insurance Office in Gujarat International Finance Tec-City (GIFT) City, India, enhancing its local presence and ability to serve clients directly. In Bermuda, the Company secured a subsidiary license from the Bermuda Monetary Authority, positioning it to enlarge its US casualty book, particularly in the SME segment.

Confident outlook for 2025: Prudent, innovative, client-centric
The start of 2025 has been marked by continued volatility, including the devastating California wildfires. Nonetheless, global reinsurance capital has reached USD607 billion,[4]  and Peak Re anticipates another year of strong demand for capacity. The January 2025 renewals affirmed clients’ confidence in Peak Re, with over 80% of relationships retained and further expanded.

“We see Peak Re’s role not just as a provider of capacity, but as a strategic partner,” said Franz-Josef Hahn. “Our ambition is to continue offering innovative, tailored reinsurance solutions that support our clients’ evolving needs. The January 2025 renewals reinforced our client-centric approach, which is based on mutual understanding, transparency and long-term value creation.”

To view and download the full annual report, please visit Peak Re Annual Report 2024.

[1] All figures are as of 31 December 2024 unless otherwise stated and are based on IFRS 9 and IFRS 17 except gross written premiums (“GWP”) which are based on IFRS 4 and provided as a reference.

[2] ROAE calculation excludes the impact on interest and capital related to Peak Re’s Perpetual Subordinated Guaranteed Capital Securities issued in 2020.

[3] As reported in our 24Q4 Quarterly submission to the Insurance Authority under the new Hong Kong Risk-Based Capital (HKRBC) regime implemented on 1st July 2024. The audited annual submission for the 2024YE solvency position is due 30 June 2025 during IA's transition period in the early years of HKRBC adoption.

[4] Guy Carpenter, Renewal Resource Center: Guy Carpenter, January 2025.