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Manila Bulletin devider Business devider The Stock Market devider NRCP secures strong financial strength rating

NRCP secures strong financial strength rating

Published Jun 22, 2026 04:33 pm

National Reinsurance Corp. of the Philippines (NRCP), the country’s sole professional reinsurer, was assigned a strong financial strength rating of PRS A Plus, with a stable outlook, by Philippine Rating Services Corp. (PhilRatings).

PhilRatings said an insurer rated PRS A has strong financial security characteristics but is somewhat more likely to be affected by adverse business conditions compared with higher-rated insurance companies.

The “Plus” further qualifies the assigned rating, while a stable outlook indicates that the rating is likely to remain unchanged in the next 12 months.

The assigned financial strength rating and outlook take into account NRCP’s solid market franchise, strong shareholders and highly experienced management, sound investment portfolio, sustained net income growth, and sound capitalization.

NRCP enjoys a solid market franchise and has the advantage of taking up at least 10 percent of all outward reinsurance business from domestic insurance companies, as mandated by law.

This provides NRCP significant access to the local reinsurance business and insight into the reinsurance needs of domestic insurers.

As of end-2025, state-run pension fund Government Service Insurance System (GSIS), Ayala-led Bank of the Philippine Islands (BPI), and the Yuchengco group’s MICO Equities Inc. collectively held 52.4 percent of NRCP’s total outstanding shares.

NRCP’s total investment assets as of end-2025 stood at ₱11.3 billion, up by 11.8 percent from ₱10.1 billion as of end-2024. Low-risk fixed-income investments continued to account for the bulk of NRCP’s total investment portfolio, representing 95.3 percent of total investments.

Government securities (GS) comprised the majority of the company’s fixed-income portfolio, accounting for 79 percent of the total as of end-2025. Investments in companies listed on the Philippine Stock Exchange (PSE) represented four percent of NRCP’s total investment portfolio.

In 2025, NRCP’s total gross premiums written (GPW) amounted to ₱5.7 billion, a 4.9-percent decline from the previous year on account of lower premium income from agriculture treaties. This decrease was partially offset by higher premium income generated by the company’s life business.

NRCP registered a notable decline in its underwriting expenses for the period, dropping by 19.4 percent from ₱4.4 billion in 2024 to ₱3.5 billion in 2025. This reflected the lowest claims and commissions relative to net earned premiums recorded since 2019.

Consequently, net underwriting income jumped by 49.4 percent, from ₱498 million to ₱744 million over the same period. Supported by a 25.7-percent increase in investment and other income to ₱670 million, NRCP’s net income grew by 50.4 percent, from ₱551 million in 2024 to ₱829 million in 2025.

Returns were also notably up, in line with improved operating results. Return on assets (ROA) reached 3.6 percent as of end-2025, the highest level recorded by the company since 2019. - James A. Loyola

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National Reinsurance Corporation of the Philippines Philippine Rating Services Corporation
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