Peak Re generates $187m net profit for 2024

Hong Kong-based global reinsurer Peak Re experienced a 6.7% year-on-year decrease in net profit to USD 187 million in 2024, according to the annual results of its parent company, Fosun International.

Despite this dip in net profit, Peak Re’s gross written premiums (GWP) saw a modest 0.1% year-on-year increase to USD 1.763 billion, a figure consistent with the company’s disciplined underwriting approach.

In 2024, Peak Re also recorded revenue of USD 1.156 billion, a 25.7% decrease compared to the previous year, primarily attributable to higher premiums earned in 2023 than 2024.

Maintaining its financial strength, AM Best reaffirmed Peak Re’s rating at A- (Excellent) and revised its outlook to stable. This rating reflects Peak Re’s robust financial position, adequate operating performance, and effective enterprise risk management.

“Amid the opportunities and challenges in 2024, Peak Reinsurance maintained its solid momentum in the dynamic global insurance market, marking another successful year. Peak Reinsurance stayed on its path of diversification both geographically and across different lines of business,” a Peak Re spokesperson stated.

Adding: “In 2024, despite increasing claims activity stemmed from global catastrophes, the business performance remained robust, thanks to strong underwriting across core business lines and favourable pricing environment.”

The company also highlighted the positive development of its Life and Health reinsurance business, including Short Term Health, which contributed to both ongoing diversification and strong business growth.

Moreover, Peak Re’s net assets values benefited from retained earnings, increasing by 11.7% to USD 1.43 billion as at the end of the Reporting Period, from USD 1.28 billion at the end of 2023, maintaining a healthy solvency level.

Looking ahead, Peak Re will approach 2025 with a remaining focus on disciplined underwriting and client-centric solutions, the reinsurer stated.

The company also intends to further cultivate strategic client relationships and strengthen its position in high-growth markets, ensuring a well-diversified portfolio aligned with its long-term strategy.

For 2024, Fosun’s total revenue, Peak Re’s majority shareholder, reached RMB192.14 billion (approximately USD26.5 billion). The group’s industrial operation profit reached RMB4.9 billion (approximately USD675 million).

Revenue generated by Fosun’s four core subsidiaries amounted to RMB134.65 billion (approximately USD18.5 billion), representing 70.1% of the group’s total revenue.

Guo Guangchang, Chairman of Fosun International, commented: “We believe that the clear strategic focus and robust industrial operational capabilities are the key to driving Fosun’s long-term steady development. Looking ahead, we will further deepen our focus on core industries. By leveraging our globalization and innovation capabilities, we believe that we can create long-term, stable value for our shareholders, even in a challenging environment.”

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