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By JAMES A. LOYOLA
National Reinsurance Corporation of the Philippines (PhilNaRe) posted a 70 percent surge in net income for the first quarter to the year to P174 million from the P102 million earned for the same period in 2006.
The firm said in a disclosure to the Philippine Stock Exchange that its growth pace was spurred by a 15.2 percent increase in reinsurance premiums over the same period last year to P723 million.
The top line growth is comprised of a 75.6 percent improvement in net premiums retained at P283 million while retention ratio increased to 39.2 percent from 25.7 percent for the corresponding period last year.
"We have continuously been keen to the needs of our customers and conscientiously worked to provide them with a range of products and services tailored to their requirements," said Philnare president Wilfrido Bantayan.
He said this strategy has helped the firm go above and beyond the mandated 10 percent business it receives from the local insurance companies.
"And with the success of our recent IPO, we currently have the capacity to retain premiums needed to sustain growth in the medium term," Bantayan said.
In spite of the low interest rate environment, investment and other income grew to P187 million in the first quarter of 2007, a 65 percent quarter-on-quarter gain from P113 million in 2006.
The 2006 figures already included a one-time gain of P51 million arising from the merger between PhilNaRe and the BPI- and Yuchengco-led Universal Malayan Reinsurance Corporation, which was completed in March 2006.
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http://www.mb.com.ph/BSNS2007051694040.html
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