Philippines’ state insurer scores 21% YoY profit in Q1’24

Total assets jumped 10% YoY to $30b.

Government Service Insurance System (GSIS) announced a net income of $640m (P37b) for the first quarter of 2024, marking a 21% increase on a year-on-year (YoY) basis.

This growth is attributed to robust revenues totalling $1.5b (P85b), reflecting a 17% YoY rise.

President and General Manager Wick Veloso attributed the profitability growth to increased investments in key sectors such as infrastructure, food, telecommunications, energy, and mining. Global investments also saw a significant rise, with financial assets income increasing by $480m (P28b) or 45% YoY.

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The total assets of GSIS rose to $30b (P1.74t) by end-March 2024, a 10% increase compared to March 2023.

Interest income from fixed-income securities reached $160m (P9b) during the quarter, covering holdings in sovereign bonds and corporate bonds. 

Operating expenses remained below budget, with an administrative cost ratio well below the GSIS Charter's limit of 12%.

($1.00 = P57.9)