The National Reinsurance Corporation of the Philippines (Nat Re) celebrated its 45th year, disclosing its net profits for 2023 logging an 862 percent increase steered by its underwriting and investment incomes.

In a disclosure to the Philippine Stock Exchange, the insurance company revealed its net profit reached P536.1 million last year—relatively higher than P55.7 million in 2022. According to Nat Re, their profit rocketed due to their performance in underwriting and investment operations, with 142 percent and 121 percent growth last year, respectively.

Nat Re’s net underwriting income was recorded at P572.5 million last year, while investments and other income amounted to P476.4 million—a double from P215.4 million in 2022.

Nat Re President and chief executive officer Allan R. Santos attributed the success to the company’s active asset-liability management efforts and underwriting actions bolstered by their higher interest income and benign catastrophe loss experience last year.

Moreover, the company had P20.4 billion in total assets --- a 12 percent year-on-year increase from 2022.

Gross reinsurance premium revenues also kicked up by 44 percent to P4.3 billion, while stockholders’ equity grew by 12 percent to P6.25 billion.

Santos attributed the company’s last year’s succes to their continued efforts to expand their services domestically and globally.

“Last year, we expanded our involvement in agriculture reinsurance globally, which marks a significant stride toward helping bolster food security and provide farmers with a financial safety net against unforeseen adversities such as extreme weather conditions, which are becoming increasingly prevalent due to climate change,” he said.

Further, he said their company expansion continued locally introducing new products meeting the current market needs.

“In 2023, we have proven again that collaborating with stakeholders and leveraging collective strengths lay the foundation of our thrust toward resilience and prosperity. And as we move forward, we endeavor to sustain and further our efforts to fulfill Nat Re’s purpose here and beyond,” he added.

Nat Re began last year reinsuring health maintenance organizations (HMOs) through the Insurance Commission’s Regulatory Sandbox Framework for Innovations, allowing HMOs to offer higher benefit limits and expanded coverages to their customers.

A casualty facility was also introduced to assist cedants in developing businesses akin to products and public liability.

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