The National Reinsurance Corporation of the Philippines (Nat Re) announced a continued positive performance in 2024, reporting a three percent increase in net profits, bolstered by significant growth in investment income and net earned reinsurance premiums. This steady expansion was primarily fueled by strategic initiatives in its life and foreign non-life business segments.
During Nat Re’s 2025 Annual Stockholders Meeting, held on June 25, 2025, at The City Club, AlphaLand Makati, President & CEO Mr. Allan Santos highlighted the company’s financial achievements. Net profits rose to Php 551.3 million in 2024, up from Php 536.1 million in 2023. Concurrently, net earned reinsurance premiums saw a robust 13% increase, reaching Php 4.86 billion in 2024 compared to Php 4.28 billion in the previous year.
“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 growing to nearly 35% of our total gross reinsurance premiums, amounting to Php 2.1 billion,” stated Mr. Santos.
The company’s investment and other income also experienced a significant boost, climbing 12% to Php 533.1 million in 2024 from Php 476.4 million in 2023. This growth was attributed to higher interest income, an increase in the fair value of held-for-trading securities, and a reversal of impairment allowances related to previously reported claims.
Despite a 13% decline in net underwriting income from Php 572.5 million in 2023 to Php 498.0 million in 2024, Nat Re maintained strong momentum across its balance sheet. Stockholders’ equity expanded by 10%, reaching Php 6.86 billion in 2024 from Php 6.25 billion in 2023, and total assets soared from Php 20.1 billion to Php 21.0 billion in the same period.
Nat Re’s 2024 success builds on its record-breaking year in 2023, which saw an impressive 862% surge in net profits. This sustained performance underscores the company’s ongoing commitment to business expansion and innovation.
“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,” Mr. Santos added.
