Nat Re’s Allan Santos awarded InsuranceAsia News’ Outstanding CEO anew
MANILA – National Reinsurance Corporation of the Philippines’ (Nat Re) President and Chief Executive Officer Allan R. Santos bagged for the second time in a row the Outstanding CEO award at the InsuranceAsia News Country Awards for Excellence 2024 for his invaluable contributions in steering the national reinsurer to its best financial year thus far, and in promoting a sustainable local insurance industry.
In 2023, Nat Re reiterated its commitment as the national reinsurer by helping partners navigate the challenging (re)insurance market and supporting them with pioneering solutions and services.
Under his tutelage, Nat Re expanded its reach in the international market and doubled its foreign business portfolio in 2023, pioneered the reinsurance of Philippine HMOs, introduced reinsurance facilities, and continued the development of the Philippine Catastrophe Insurance Facility (PCIF). Nat Re also pledged its reinsurance capacity in the establishment of the ASEAN Renewable Energy Pool along with other ASEAN reinsurers.
Amidst one of steepest market hardening in recent history, aggravated by geopolitical risks around the globe, Santos led Nat Re to record financial success, posting an 862% surge in net profit and a 32% growth in premium revenues on the back of double-digit growth in all facets of the business in 2023. He successfully guided the national insurer through the volatile investment environment as the company derisked equity exposures and strengthened asset-liability management.
He also fostered sustainable practices and good corporate governance as the company was awarded two Golden Arrows in Corporate Governance by the Institute of Corporate Directors in September 2023.
The award also recognizes Mr. Santos’ contributions to the insurance industry as he continued to forge ties to promote insurance education and dialogue. In 2023, he led the culmination of the Actuarial Society of the Philippines’ (ASP) Annual Convention in his capacity as the then Vice President and is now the incumbent president of the Society. He is also an active board member of the Insurance Institute for Asia and the Pacific (IIAP).