The Government Service Insurance System (GSIS), the Philippines’ state-run insurer for government employees, has announced a 21% year-on-year increase in its net income for 2024. The insurer reported a net income of $2.31 billion (₱135.7 billion), up from $1.91 billion (₱112.1 billion) in 2023.
GSIS’s total income grew by 10.29%, reaching $5.56 billion (₱326.86 billion). This growth was driven by foreign exchange gains of $0.23 billion (₱13.27 billion), returns from global private equity investments amounting to $0.19 billion (₱11.24 billion), and local equities generating $0.05 billion (₱3.09 billion).
Wick Veloso, GSIS President and General Manager, highlighted that 70% of the fund’s portfolio is concentrated in government securities and fixed-income instruments, with the remaining 30% allocated to higher-yielding investments, including equities and real estate.
The insurer’s insurance segment also delivered strong results, with gross premiums written totaling $0.18 billion (₱10.6 billion), surpassing its target of $0.14 billion (₱8.5 billion).
GSIS disbursed a substantial $3.06 billion (₱179.92 billion) in claims and benefits over the past year. In addition, it successfully reduced administrative expenses to $0.15 billion (₱8.92 billion), down from $0.17 billion (₱10.14 billion), improving its cost ratio from 3.7% to 3%.
The GSIS also provided $5.36 billion (₱315 billion) in loans under its MPL Flex and Lite programs, benefiting over 1.5 million members. Furthermore, it extended housing assistance through its Lease with Option to Buy program, allocating $0.05 billion (₱2.84 billion) to support 3,360 families.
As of the latest exchange rate, $1 is equivalent to ₱57.92.
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