Peak Reinsurance reported strong premium growth in 2025, with gross written premiums rising 25% year on year to US$2.20bn, driven by expansion in property and life reinsurance, a sharp increase in India and a larger contribution from Asia‑Pacific, which accounted for more than half of the group’s business.
The growth was accompanied by a shift in portfolio mix. Property and life reinsurance were the main growth drivers, with property GWP increasing 30.6% to US$520.3m, while life and health GWP rose to US$580.4m, accounting for 26.3% of total premiums. In contrast, general liability and motor lines GWP declined year-on-year.
Regionally, Asia‑Pacific, already Peak Re’s largest market, increased its share of group GWP to 54.6% in 2025 from 48.3% a year earlier. India was a key contributor, with its share of group premiums more than doubling year on year following the launch of Peak Re’s GIFT City branch.
However, underwriting margins softened during the year. Peak Re’s property and casualty combined ratio (COR) deteriorated to 87.9% in 2025 from 84.0% in the prior year. Excluding short‑term health, the COR improved to around 82.6%, according to the company’s annual report.
Despite the higher COR, underwriting profitability improved on an IFRS 17 basis. The reinsurance service result increased 12.7% year on year to US$162.9m, while contractual service margin rose 36.1% to US$200.6m, reflecting a larger stock of future profits.
At the bottom line, Peak Re reported net profit of US$189.5m for 2025, compared with US$187.0m a year earlier. Reinsurance revenue increased 32.8% to US$1.54bn, supported by growth across regions and lines of business.
“Our results demonstrate not only strong performance, but also the way they were achieved — through continued focus on underwriting quality, portfolio diversification and prudent capital management,” Chairman Li Tao said.
Investment performance was a key contributor to earnings. Peak Re generated investment income of US$201.3m in 2025, up 64.4% from the previous year, with investment yield improving to 5.6%. Assets under management increased 16.5% to US$3.88bn as of 31 December 2025.
Capital strength improved further as net asset value rose 17.1% year on year to US$1.68bn, while the solvency ratio of Peak Re’s Hong Kong entity strengthened to 190% on an unaudited basis.
“As we expand from our Asian base into Europe, North America and India, we remain focused on disciplined underwriting and balanced growth,” former chief executive Franz‑Josef Hahn said in the report, adding that Peak Re would continue to prioritise portfolio diversification and long‑term client relationships.
In March, Peak Re announced that Victor Kuk will become its next CEO, effective 20 April, succeeding Hahn, who stepped down after more than 10 years in the role.
Looking ahead, Peak Re said it expects market conditions to remain competitive and volatile, but believes its diversified portfolio, growing presence in emerging markets and strong capital position provide a solid foundation for sustainable growth.
Peak Re delivered a strong outcome in the January 2026 renewals. Despite intense competition and often over-subscribed programmes, the company expanded its business with existing clients and increased its participation with new clients.
