Philippines reinsurer Nat Re posts US$3.8m underwriting profitJuly 9 2018 by InsuranceAsia News Staff
Listed reinsurer National Reinsurance Corporation of the Philippines (Nat Re) said it brought in P50 million (US$936,000) in net profit last year after generating underwriting profit of P204 million (US$3.8 million).
In a statement posted on its website, Nat Re said it was the fourth straight year that the reinsurer posted positive net income despite the massive global insured losses from catastrophe events and large fires.
Nat Re writes both life and non-life reinsurance. Its primary mandate is to assist in the development of the Philippine market by providing reinsurance capacity and support.
Nat Re said it recorded a 102% combined ratio, dipping slightly from 99% in 2017.
However, it was better than the 107% reported average combined ratio of several global reinsurers, the company stressed.
Nat Re’s net written premiums grew by 40% year-on-year with its life business’ net written premiums swelling by 49%.
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