The Philippines Insurance Commission published interim industry statistics showing Health Maintenance Organizations’ (HMOs) total net income rose 122.95% year-on-year as of 31 December 2024, turning from a PHP 4.27 billion net loss to a PHP 979.8 million net income. The figures are based on unaudited interim financial statements submitted by 28 HMOs, compared with 27 submissions for the prior-year period. Total revenue increased 20.12% to PHP 79.37 billion, driven mainly by an 18.43% rise in membership fees, which comprised 95.30% of total HMO revenue. Total expenses rose 11.44% to reflect a 10.08% increase in healthcare benefits and claims paid, reaching PHP 61.05 billion. Balance sheet metrics also grew year-on-year, including total assets up 23.85% to PHP 75.13 billion and total invested assets up 9.92% to PHP 17.86 billion, while total equity increased 11.14% to PHP 11.40 billion and total liabilities rose 26.44% to PHP 63.73 billion.
Philippines Insurance Commission 2025-02-28
Philippines Insurance Commission reports HMO sector swings to PHP 979.8 million net income in Q4 2024
The Philippines Insurance Commission reported a 122.95% year-on-year increase in Health Maintenance Organizations' net income, reaching PHP 979.8 million as of 31 December 2024, from a PHP 4.27 billion net loss. Total revenue rose 20.12% to PHP 79.37 billion, primarily due to an 18.43% increase in membership fees. Balance sheet metrics showed significant growth, with total assets up 23.85% and total liabilities up 26.44%.