Philippine gov’t insurer sees net income surge of 21% YoY in 2024.

It disbursed $3.06b (₱179.92b) in claims and benefits last year.

The Government Service Insurance System (GSIS), a Philippine-owned and controlled insurer for government employees, reported a net income of $2.31b (₱135.7b) in 2024, marking a 21% increase from $1.91b (₱112.1b) in 2023.

Total income rose 10.29% to $5.56b (₱326.86b), bolstered by $0.23b (₱13.27b) in foreign exchange gains, $0.19b (₱11.24b) from global private equity investments, and $0.05b (₱3.09b) from local equities.

GSIS President and General Manager Wick Veloso stated that 70% of the fund’s portfolio remains in government securities and fixed-income instruments, whilst the remaining 30% is allocated to higher-yielding investments such as equities and real estate.

The insurance segment also posted strong results, with gross premiums written reaching $0.18b (₱10.6b), exceeding the $0.14b (₱8.5b) target.

GSIS disbursed $3.06b (₱179.92b) in claims and benefits whilst reducing administrative expenses to $0.15b (₱8.92b) from $0.17b (₱10.14b), improving its cost ratio from 3.7% to 3%.

GSIS granted $5.36b (₱315b) in loans to over 1.5 million members under the MPL Flex and Lite programs.

Housing assistance through the Lease with Option to Buy program amounted to $0.05b (₱2.84b), benefiting 3,360 families.   

($1.00 = ₱57.92)