Nat Re marks forty fifth yr with report figures

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

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

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

Based on Nat Re president and CEO Allan R Santos (pictured above), this efficiency was because of the firm’s energetic asset-liability administration and underwriting actions, supported by greater curiosity earnings and a decrease incidence of disaster losses previously yr.

The corporate’s whole property surpassed the ₱20-billion mark, reaching ₱20.4 billion, a 12% improve 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 develop each regionally and internationally as key components in its 2023 success.

“Final yr, we expanded our involvement in agriculture reinsurance globally, which marks a big stride towards serving to bolster meals safety and supplies farmers with a monetary security web towards unexpected adversities reminiscent of 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) beneath the Insurance coverage Fee’s Regulatory Sandbox Framework for Improvements, permitting HMOs to supply greater profit limits and expanded protection to their clients.

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

Looking forward to 2024, Nat Re is optimistic about reaching additional beneficial properties amid improved reinsurance market situations.

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

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