The swing came despite a 15.65 percent increase in healthcare benefits paid out to members, which totaled P30.33 billion, a statement from the Insurance Commission showed.
Licensed HMOs decline
The industry’s return to profitability is driven by a surge in total revenues, reaching P38.75 billion, primarily from membership fees amounting to P36.56 billion.
These gains were also achieved despite a decrease in the number of licensed HMOs, which dropped from 29 in 2023 to just 25 in 2024.
Nearly P70B asset base
Meanwhile, the industry saw a robust 12.16 percent growth in total assets, now at P69.26 billion, with total invested assets rising by 6.45 percent to P21.31 billion, fuelled by a 56.98 percent increase in cash equivalents.
However, total liabilities also grew by 13.33 percent to P58.32 billion, largely due to significant increases in membership fee reserves and claims reserves.
