Philippines' health maintenance org industry posts losses in Q1

The industry registered a P319m net loss.

The Health Maintenance Organization (HMO) industry of the Philippines experienced a net loss of P319m ($5.8m) in the first quarter driven by a decrease in invested assets and equity, according to the Insurance Commission.

Compared to the previous year, the HMO industry inked P864m ($15.8m) in profits.

However, revenues for the first three months of the year saw a rise of 12% to P15.6b ($290m). Claims and benefits paid also surged 35.3% to P12.8b ($230m).

ALSO READ: Philippine micro-insurance premiums rise 14% in 2022

Bucking the trend, total assets dipped 6.9% to P64.8b ($1.2b) whilst liabilities fell 1.1% to P53.0b ($970m).

Data presented are based on unaudited preliminary financial statements of 25 licenced companies out of 29.

(P1.00 = $0.018)

Also Read

Tysers appoints new leaders to enhance APAC operations

Tokio Marine Kiln appoints new marine leader for APAC

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!

I want to download the media kit