Nat Re posts record profits in 45th year

It saw its net profits surge 862% to $9m.

The National Reinsurance Corporation of the Philippines (Nat Re) celebrated its 45th anniversary with record figures in 2023, posting a surge (862%) in net profits driven by the company’s underwriting and investment incomes.

The Philippine-based reinsurer’s net profit last year saw $9.11m (P536.1m), up from $0.95m (P55.7m) in 2022, driven by significant gains in underwriting and investment incomes.

Net underwriting income surged to $9.71m (P572.5m), whilst investment and other income doubled to $8.09m (P476.4m).

Nat Re's total assets grew by 12% to $346.8m (P20.4b), and gross reinsurance premium revenues rose by 44% to $73.1m (P4.3b). Stockholders' equity also increased by 12%, reaching $106.25 million (P6.25 billion).

Nat Re's 2023 achievements include expanding its global agriculture reinsurance efforts to support food security and providing financial safety nets for farmers.

Locally, Nat Re began reinsuring Health Maintenance Organisations (HMOs) and introduced a Casualty Facility to assist cedants in developing new lines of business.

Looking ahead, Nat Re aims for continued gains in 2024, leveraging improved reinsurance market conditions and sustained collaboration with stakeholders to fulfil its mission.

($1.00 = P58.54)