Philippine HMO performance down in 2022

Eight licensed HMO firms recorded a net loss.

The Philippine health maintenance organisation (HMO) industry posted a net loss of P1.44b (US$26m), data from the Insurance Commission showed.

Compared to the previous year’s performance, the HMO sector recorded P5.14b (US$92m) in profits.

However, revenues climbed 6.1% to P56.51b (US$1.01b). Total capital stock and benefits and claims also saw rises in their year-on-year performance to 33.5% (US$91m) and 33.8% (US$790m), accordingly.

Figures for the year 2022 were based on preliminary unaudited financial statements submitted by 26 insurers of the 29 total. Of the 29 firms, eight posted net losses.

(P1.00 = US$ 0.018)