Health maintenance organizations or HMOs posted a 123 percent growth in net income worth P979.8 million in the last quarter of 2024, the Insurance Commission said.

In a report last Friday, IC said this was an increase from the level in the fourth quarter of 2023, reflecting a 20 percent growth in total revenues worth P79.37 billion.

IC said 28 HMOs submitted their financial data to the government agency in coming up with the industry figures.

Benefit claims for patients rose by 10 percent to P61.05 billion from P55.46 billion.

Thus, HMOs posted an increased total expense at 11.4 percent.

Demand for HMOs continues as they offer relatively affordable healthcare through a network of hospitals and doctors and pooled funds from patients’ membership fees and premiums.

Through their infrastructure and human resources, HMOs can provide affordable medical services government-owned insurers may fail to deliver and adopt more advanced digital payment platforms.

IC said HMOs received an increased volume of membership fees at 27.5 percent.

Total assets reached P75.13 billion from P60.66 billion. From this, HMOs allocated a bigger portion of P17.86 billion in investments in cash equivalents and government securities, up by 10 percent from P16.24 billion.

Government securities made up most of the investments, with an 88 percent share.

Total liabilities rose to P63.73 billion from P50.41 billion due to higher reserves for claims and administrative expenses.