, Philippines
/Toa Heftiba from Unsplash

Philippine HMOs see 17.3% surge in healthcare payouts

This was equivalent to $255.9m in healthcare benefits.

The Philippines’ health maintenance organisations (HMOs) paid out ₱15.05b ($255.85m) in healthcare benefits in the first quarter (Q124), marking a 17.3% increase from the previous year, data from the Insurance Commission (IC) showed.

Despite this rise in expenses, HMOs returned to profitability due to higher revenues. Total industry revenues reached ₱18.68b ($317.56m) in Q124, up 20.09% year-over-year (YoY), resulting in a net income of ₱6.8m ($115,600).

The IC attributed the revenue increase to a rise in membership fee collections, totalling ₱17.78b ($303.26m) for Q124. 

ALSO READ: Philippines receives over 13,000 claims from local planholders

HMOs also saw significant growth in total assets by ₱71.31b ($1.21b) (10.07%). 

However, total liabilities increased by 16.11% to ₱61.49b ($1.05b), driven by a 15.96% YoY rise in membership fee reserves and a 51.57% increase in claims reserves.

While total capital stock and invested assets increased, total equity declined due to an 85.33% drop in retained earnings, equivalent to ₱5.31b ($90.37m).

($1.00 = ₱58.18)

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Indonesia enters era of digital insurance distribution
Industry executives at Insurance Asia Forum 2024 push the digital mindset in developing an efficient ecosystem.
Indonesia needs a little tech to boost insurance penetration
When compared to GDP, insurance penetration in Indonesia is 1.4%, which is low relative to ASEAN.
How Grandtag secures the bag for Asia’s richest
Grandtag Financial’s regional CEO spills how ‘jumbo life insurance’ attracts UHNWIs in Asia.