Announced during its annual stockholders’ meeting on June 26, 2024, in Makati City — when it also marked its 45th year of operations — Nat Re reported a record net profits of P536.1 million, a significant rise from only P55.7 million in 2022.
Nat Re’s expansion into global agriculture reinsurance and new local product introductions, such as reinsurance for health maintenance organizations and a casualty facility, significantly contributed to these gains, it said in a disclosure to the Philippine Stock Exchange.
The company said profit growth was driven by a 142% increase in net underwriting income, reaching P572.5 million, and a 121% rise in investments, and other income doubling to P476.4 million.
President and CEO Allan Santos attributed this success to active asset-liability management and strategic underwriting actions.
Total assets surpassed the P20-billion mark, growing by 12% to P20.4 billion. Gross reinsurance premium revenues climbed 44% to P4.3 billion, while stockholders’ equity also saw a 12% increase, reaching P6.25 billion.
