Nat Re Sustains Steady Growth as Market Conditions Ease

​The National Reinsurance Corporation of the Philippines (Nat Re) reported steady growth in 2024, posting a three-percent increase in net profits on the back of increased investment income and net earned reinsurance premiums resulting from the expansion of its life and foreign non-life business.

The Company’s net profits rose from P536.1 million in 2023 to P551.3 million, while net earned reinsurance premiums increased by 13% from P4.28 billion in 2023 to P4.86 billion in 2024, Nat Re’s President & CEO, Mr. Allan Santos, announced at Nat Re’s 2025 Annual Stockholders Meeting held on June 25, 2025, at The City Club, AlphaLand Makati.

Investment and other income rose by 12% increase from P476.4 million in 2023 to P533.1 million in 2024, driven by higher interest income, an increase in the fair value of held for-trading securities, and a reversal of impairment allowances related to past reported claims.

Despite its net underwriting income declining by 13% from P572.5 million in 2023 to P498.0 million in 2024, Nat Re has maintained its steam, with its stockholders’ equity expanding by 10% from P6.25 billion in 2023 to P6.86 billion in 2024 and its total assets soaring from P20.1 billion to P21.0 billion in 2024. 

“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 to grow to nearly 35% of our total gross reinsurance premiums, amounting to P2.1 billion,” Santos said.

Nat Re’s 2024 success follows its record year in 2023, where it posted a massive 862% increase in net profits, and underscores the Company’s continued efforts to expand its business. 

“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,” Santos added.

Nat Re (PSE: NRCP) provides life and non-life reinsurance capacity, and in relation to this offers consultancy, technical, and advisory services to its clients—the direct insurers—in emerging markets. Its services allow direct insurers to better manage their retention and capital, to maximize their net premiums given their risk appetites, and to execute their roadmaps to competitiveness. 

Nat Re also stimulates know-how transfer in the industry by helping build its clients’ capabilities in underwriting, product development, pricing, retention setting, and reinsurance ​program analysis. It continuously derives insights from experience and shares with its partners its knowledge of emerging markets, particularly of the Philippine insurance market, and curated global best practices in reinsurance.