Peak Re has continued to build on its company record performance in 2023, with a solid first-half showing in 2024. According to unaudited results from its parent company, Fosun, the Hong Kong-based reinsurer recorded a net profit of US$124.2m for the first half of the year. Gross written premiums (GWP) increased slightly to US$847.9m, up from US$832.9m in the same period last year.

The reinsurer said that its life and health (L&H) business continued to grow in the first half, aiding the company’s business diversification efforts. However, its property and casualty (P&C) combined operating ratio did rise slightly to 84.9%, compared to 82.2% in 1H 2023.

“Peak Re has maintained a steadfast focus on stringent risk selection and underwriting discipline to drive growth while ensuring a strong bottom line,” the company said in a note about its interim results.

The results also showed an annual investment yield of 4.1% on its US$3bn in assets under management, while the company’s net asset value rose to US$1.4bn from US$1.3bn at the end of 2023.

On the second half of 2024, the reinsurer provided a positive business outlook.

“Demand for reinsurance is expected to remain strong in light of sustained economic losses from natural catastrophes, while Peak Reinsurance will continue to exercise stringent risk selection and risk management to limit its exposure,” the reinsurer said.

The company’s first-half performance follows on from its US$200m net profit last year, both a company record and a sharp rebound from the US$261m loss reported for FY2022.