Nat Re marks forty fifth 12 months with file figures

The Nationwide Reinsurance Company of the Philippines (Nat Re) celebrated its forty fifth anniversary with record-breaking figures in 2023, posting an 862% enhance in internet income pushed by robust underwriting and funding incomes.

At its annual stockholders’ assembly, Nat Re reported a internet revenue of ₱536.1 million in 2023, up from ₱55.7 million in 2022. The numerous enhance was attributed to a 142% surge in underwriting revenue and a 121% rise in funding operations.

Nat Re’s internet underwriting revenue reached ₱572.5 million in 2023. Investments and different revenue doubled from ₱215.4 million in 2022 to ₱476.4 million.

In keeping with Nat Re president and CEO Allan R Santos (pictured above), this efficiency was because of the firm’s lively asset-liability administration and underwriting actions, supported by larger curiosity revenue and a decrease incidence of disaster losses prior to now 12 months.

The corporate’s complete belongings surpassed the ₱20-billion mark, reaching ₱20.4 billion, a 12% enhance from 2022. Gross reinsurance premium revenues rose 44% to ₱4.3 billion, and stockholders’ fairness grew by 12% to ₱6.25 billion.

Nat Re enlargement

Santos highlighted the corporate’s efforts to increase each regionally and internationally as key components in its 2023 success.

“Final 12 months, we expanded our involvement in agriculture reinsurance globally, which marks a major stride towards serving to bolster meals safety and supplies farmers with a monetary security internet in opposition to unexpected adversities corresponding to excessive climate situations,” he stated. The enlargement additionally included new merchandise tailor-made to present market wants.

In 2023, Nat Re started reinsuring well being upkeep organizations (HMOs) below the Insurance coverage Fee’s Regulatory Sandbox Framework for Improvements, permitting HMOs to supply larger profit limits and expanded protection to their prospects.

Moreover, Nat Re launched a Casualty Facility to help cedants in growing new strains of enterprise, corresponding to merchandise and public legal responsibility.

Waiting for 2024, Nat Re is optimistic about reaching additional features amid improved reinsurance market situations.

“In 2023, we have now confirmed once more that collaborating with stakeholders and leveraging collective strengths lay the muse of our thrust towards resilience and prosperity. As we transfer ahead, we endeavor to maintain and additional our efforts to meet Nat Re’s objective right here and past,” Santos stated.

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