Underwriting profits fall 37.8%, predominantly due to increased motor and property insurance claims.
Smith spoke at the Insurance Council of Australia's Annual 2023 Conference and emphasised importance of balance in the face of issues like cost-of-living pressures and natural catastrophes.
Despite a drop in revenue, Peak Re posted a first half net profit of US$160m in 2023, a sharp turnaround from a loss of US$103m in 2022.
Singapore's top ten largest reinsurers saw underwriting profits more than double in 2022 as they tightened underwriting terms and lowered losses, amid economic and catastrophe-induced volatility.
Hong Kong's direct general insurance sector saw a HK$1bn ($127m) dip in underwriting result, with six out of eight segments reporting a decline.
FWD saw the value of new business hit US$482m, with the businesses' results boosted by the return of Chinese visitors to Hong Kong and Macau, strong bancassurance partnerships, and expanded agency presence in Thailand.
The Hong Kong headquartered insurer also saw a 50% increase in net profit, with results attributed to strong sales recovery in key markets and its bancassurance strategy.
HDI recently expanded its Asia offering to include Political Risk and Credit and Graham Silton—MD for Singapore—says the group has plans for further regional expansion in 2024.