Nat Re celebrates its 45th anniversary with record numbers | Insurance business America
Company celebrates triple-digit percentage growth
reinsurance
By Kenneth Araullo
The National Reinsurance Corporation of the Philippines (Nat Re) celebrated its 45th anniversary in 2023 with record-breaking numbers, posting an 862% increase in net profit driven by strong insurance and investment income.
At its annual general meeting, Nat Re reported a net profit of ₱536.1 million in 2023, up from ₱55.7 million in 2022. The significant increase was due to a 142% increase in underwriting income and an increase in investment business by 121% attributed.
Nat Re’s net underwriting income reached ₱572.5 million in 2023. Investments and other income doubled to ₱476.4 million from ₱215.4 million in 2022.
According to Allan R. Santos, president and CEO of Nat Re (pictured above), this performance was due to the company’s active asset-liability management and underwriting efforts, supported by higher interest income and a lower incidence of catastrophe losses last year.
The company’s total assets exceeded the ₱20 billion mark and reached ₱20.4 billion, an increase of 12% compared to 2022. Gross written premiums from reinsurance rose 44% to ₱4.3 billion and equity increased 12% to ₱6.25 billion.
Nat Re extension
Santos highlighted the company’s efforts to expand both locally and internationally as key factors in its success in 2023.
“Last year, we expanded our involvement in agricultural reinsurance globally, which represents a significant step towards improving food security and providing farmers with a financial safety net against unforeseen adversities such as extreme weather,” he said. The expansion also included new products tailored to current market needs.
In 2023, Nat Re began reinsurance of Health Maintenance Organizations (HMOs) under the Insurance Commission’s Regulatory Sandbox Framework for Innovations, allowing HMOs to offer higher benefit limits and expanded coverage to their customers.
In addition, Nat Re introduced a casualty insurance facility to help cedants develop new business areas such as products and commercial liability.
Looking ahead to 2024, Nat Re is optimistic of further gains amid improving conditions in the reinsurance market.
“In 2023, we have proven once again that collaborating with stakeholders and leveraging collective strengths form the foundation of our pursuit of resilience and prosperity. As we move forward, we are committed to maintaining and furthering our efforts to fulfill Nat Re’s purpose here and beyond,” said Santos.
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2024-07-04 13:30:00
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