National Reinsurance Corporation of the Philippines, better known as Nat Re, posted a record net profit of P536.1 million last year, bolstered by strong gains in underwriting, investments and other income.
Nat Re booked a net profit of P55.7 million in 2022. Nat Re president and chief executive officer Allan R. Santos attributed the exceptional results to proactive asset management strategies and prudent underwriting decisions. He highlighted the impact of increased interest income and favorable catastrophe loss experiences in bolstering the corporation’s financial health.
The listed company’s total assets increased 12 percent to P20.4 billion, with gross reinsurance premium revenue rising 44 percent to P4.3 billion and stockholders’ equity increasing 12 percent to P6.25 billion.
Santos underscored Nat Re’s expansion efforts both locally and internationally as key contributors to its success in 2023. The corporation expanded its footprint in global agriculture reinsurance, aiming to enhance food security and provide financial stability to farmers facing climate-related risks.
“In 2023, we significantly expanded our involvement in global agriculture reinsurance, contributing to food security and financial resilience for farmers,” Santos said. He highlighted the introduction of new products tailored to meet emerging market demands as instrumental in driving Nat Re’s growth trajectory.
Nat Re ventured into reinsurance for health maintenance organizations (HMOs) under the Insurance Commission’s Regulatory Sandbox Framework for Innovations in 2023. This initiative allowed HMOs to offer expanded coverage and higher benefit limits to their clients, enhancing their competitiveness in the market.
Moreover, Nat Re introduced a casualty facility to support cedants in developing new lines of business, including products and public liability insurance, further diversifying its service offerings.
Santos anticipates continued growth in 2024 amidst favorable reinsurance market conditions. He said Nat Re’s commitment to resilience and prosperity through collaboration with stakeholders and leveraging collective strengths.
“As we move forward, Nat Re remains dedicated to sustaining our efforts to fulfill our purpose locally and globally,” Santos said, concluding on a positive note for the corporation’s future endeavors.
