PhilCharter Insurance resources reach P2.5 B

The Philippine Charter Insurance Corp. (PhilCharter Insurance) has reported total resources amounting to P2.5 billion with the owner’s share representing 28 percent of resources as of the first semester of 2008.

In 2007, it stood at P2.38 billion from an already impressive P1.7 billion in 2006. It was ranked eight overall in 2003 and has since held on to the seventh in that category up to 2007.

Bottom line profits end June 2008 reached P45.48 million with a total rate of return on equity of seven percent.

Contribution to total resources was due mainly by the increase on investments and receivables brought about by the 23-percent growth in premiums written. PhilCharter Insurance is a wholly owned subsidiary of the Metrobank Group after the consummation of the sale of the Philam and Mitsui Sumitomo interest in the company.

Last year, PhilCharter Insurance reported total gross premiums written of P1.1 billion from P925 million in 2006, for an annual growth rate of 18.9 percent.

Remarkably, it is several times better than the 7.5-percent growth rate registered by the entire non-life insurance industry in the same period. From the P33.2 billion recorded by the non-life insurers in 2006, it rose to P35.7 billion last year.

PhilCharter Insurance made corporate history when it broke the P1-billion ceiling last year in terms of gross premiums written.

There are only 10 non-life insurer that has recorded gross premiums over P1-billion, and it was ranked 10th among the 90 non-life insurers in the Philippines, based on data recovered from the Insurance Commission (IC).

However, the non-life insurer was ranked an even impressive sixth overall in terms of net premiums written.

PhilCharter Insurance reported a net income of P56.4 million in 2007, or 53.6 percent better than the P36.7 million in 2006.

It reported a networth of P649 million, while paid up capital was at the P100 million.

Gross premiums earned were reported at P675 million last year from P540 million in 2006 for an annual growth rate of 25 percent.

It has remained in the top 10 industry players as far back as 2003.

In fact, gross premiums in the first three months of 2008 reported reached P192.4 million. Assuming that it would serve as a quarterly average for the year, then non-life insurer could reach over P768 million in gross premiums or at least 13 percent higher than 2007.

Last year, net investments rose to P724 million.