Nat Re sustains steady growth as market conditions ease
MANILA – The National Reinsurance Corporation of the Philippines (Nat Re) reported steady growth in 2024, posting a three-percent increase in net profits on the back of increased investment income and net earned reinsurance premiums resulting from the expansion of its life and foreign non-life business.
The Company’s net profits rose from Php 536.1 million in 2023 to Php 551.3 million, while net earned reinsurance premiums increased by 13% from Php 4.28 billion in 2023 to Php 4.86 billion in 2024, Nat Re’s President & CEO, Mr. Allan Santos, announced at Nat Re’s 2025 Annual Stockholders Meeting held on June 25, 2025, at The City Club, AlphaLand Makati.
Investment and other income rose by 12% increase from Php 476.4 million in 2023 to Php 533.1 million in 2024, driven by higher interest income, an increase in the fair value of held-for-trading securities, and a reversal of impairment allowances related to past reported claims.
Despite its net underwriting income declining by 13% from Php 572.5 million in 2023 to Php 498.0 million in 2024, Nat Re has maintained its steam, with its stockholders’ equity expanding by 10% from Php 6.25 billion in 2023 to Php 6.86 billion in 2024 and its total assets soaring from Php 20.1 billion to Php 21.0 billion in 2024.
“Last year, we pushed our involvement in agriculture reinsurance further and started doing business with foreign Life insurance companies, resulting in our foreign reinsurance business to grow to nearly 35% of our total gross reinsurance premiums, amounting to Php 2.1 billion,” Santos said.
Nat Re’s 2024 success follows its record year in 2023, where it posted a massive 862% increase in net profits, and underscores the Company’s continued efforts to expand its business.
“In 2024, we put emphasis on widening our horizons to create meaningful partnerships and collaborations that would result in new and improved products and services that would benefit not only our clients, but the industry as a whole,” Santos added.