MANILA, Philippines — The earnings of state-run Government Service Insurance System jumped by 70 percent to P113.3 billion in 2023 from P66.4 billion in 2022 on the back of strong revenues from financial assets and investments.
GSIS president and general manager Jose Arnulfo “Wick” Veloso said the performance was driven by the 32.5 percent surge in total revenue to P311.3 billion from P234.9 billion.
Veloso said the decision of GSIS to acquire 3.6 billion shares in Pangilinan-led Metro Pacific Investments Corp. (MPIC) resulted in a one-time gain of P13.6 billion.
Gross premiums written for its non-life insurance business hit a record P9.8 billion while social insurance premiums expanded by 17 percent to P177 billion from increased membership and salary adjustments.
GSIS loans receivable increased 33 percent to P209.6 billion driven by its innovative retail loan product to members via the Multipurpose Loan Flex.
In terms of expenses, GSIS recorded a 5.7 percent increase to P166 billion in pension and other benefits.
As of end-2023, the total assets of the GSIS went up by 13.3 percent to P1.7 trillion.