National Reinsurance Corp. Marks 45th Year With Record Income And High Growth Prospects

The National Reinsurance Corporation of the Philippines (NRCP) celebrated its 45th anniversary with a record 862% surge in net profit, reaching PHP536.1 million in 2023.

NRCP President and CEO Allan R. Santos highlighted the company’s active asset-liability management and underwriting strategies, combined with higher interest income and a favorable catastrophe loss experience, as key factors for the remarkable performance. I Photo: National Reinsurance Corporation of the Philippines

The company is optimistic about achieving even higher gains in 2024 due to improved reinsurance market conditions.

In a disclosure to the Philippine Stock Exchange (PSE), NRCP credited its financial success to exceptional performance in both underwriting and investment operations.

The company reported a net underwriting income of PHP572.5 million in 2023, and its investments and other income doubled from PHP215.4 million in 2022 to PHP476.4 million.

NRCP President and CEO Allan R. Santos highlighted the company’s active asset-liability management and underwriting strategies, combined with higher interest income and a favorable catastrophe loss experience, as key factors for the remarkable performance.

The company's total assets surpassed PHP20 billion, marking a 12% year-on-year increase to PHP20.4 billion. Gross reinsurance premium revenues rose by 44% to PHP4.3 billion, while stockholders’ equity grew by 12% to PHP6.25 billion.

Santos noted NRCP's efforts to expand both locally and internationally, emphasizing the company's involvement in global agriculture reinsurance to enhance food security and provide financial protection to farmers against extreme weather conditions.

In 2023, NRCP also began reinsuring Health Maintenance Organizations (HMOs) and introduced new products to address current market needs.

NRCP introduced a Casualty Facility to help cedants develop new lines of business, such as products and public liability insurance. Santos emphasized the importance of collaboration with stakeholders and leveraging collective strengths to drive resilience and prosperity.