PH gov’t insurance system registers $1.43b in profits 10M’23

It surged 117% year-on-year.

The Government Service Insurance System (GSIS) has reported a substantial net income of P80b ($1.43b) for the first ten months of the year, leaping 117% year-on-year (YoY).

The notable boost in profitability is attributed to robust revenues, primarily driven by a staggering 344% YoY surge in income from financial assets, reaching P29b ($520m). Additionally, income from investment property saw a significant 142% YoY increase to P8b ($140m), stemming from revaluation gains of approximately 12,000 accounts appraised as of October this year.

Income from general insurance activities expanded by 7% YoY, totalling P6.2b ($110m), a result of an active marketing drive. Social insurance premiums also grew by 8% YoY to P10b ($180m), reflecting increased membership and salary adjustments.

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Notably, the pension fund's expense loading during the first ten months of 2023 was at 3.4%, well below the 12% Charter limit.

As of end-October 2023, GSIS's total assets stood at P1.6t ($29b), representing a 4.4% YoY increase from the previous year. The fund life has been extended to 35 years (until 2058), a five-year increase from the last assessment in 2021, enabling the timely delivery of benefits to members and retirees.

(P1.00 = $0.018)