The National Reinsurance Corporation of the Philippines (Nat Re), the country’s national reinsurer, has reported a net income of P120 million (USD $2.5mn) in 2020, down 24% from P157 million (USD $3.2mn) in 2019, as stronger underwriting results were weighed down by lower investment income.
Gross written premiums grew by 3% to P4.47 billion (USD $93mn) from P4.34 billion (USD $90mn) in 2019 due to growth in reinsurance premiums from the life and non-life domestic business.
Net underwriting income before administration expenses rose significantly by 151% to P341.7 million from P136.4 million in 2019, resulting from higher reinsurance premium income and lower loss ratios.
Nat Re also reported that its combined ratio improved to 98% from 104% for the year prior.
Allan Santos, Nat Re President and Chief Executive Officer commented: “While Nat Re’s financial performance in 2020 reflected financial market volatility caused by COVID-19 especially in the first half of the year, the company ensure operational resilience to continue delivering reinsurance-related services and serve its customers efficiently.”
