National Reinsurance Corp. of the Philippines (PhilNaRe) said its net earnings more than doubled last year to P609 million from only P275 million in 2006, mainly due to strong underwriting and investment operations as well as lower expenses.
In a statement issued yesterday, PhilNaRe said earnings per share climbed from 20 centavos to 31 centavos.
As a result of its robust performance, PhilNaRe’s board of directors approved the declaration of a 20-centavo cash dividend per share, totaling P436 million. The dividend is nearly three times the seven-centavo cash dividend declared last year and is payable on or before May 6, 2008.
Entitled to receive the cash dividends are stockholders on record as of April 10.
PhilNaRe president and chief executive officer Wilfrido Bantayan said the dividend payout is consistent with the company’s existing dividend policy.
“We are committed to providing our stockholders with a good return by distributing as much of our income as we can in the form of cash dividends,” he said.
PhilNaRe is the only locally-owned professional reinsurance company providing life and non-life reinsurance to the Philippines and neighboring insurance markets.
It is seeking to become a billion-dollar company in the next three years.
PhilNaRe was listed on the Philippine Stock Exchange in April 2007, raising P2.8 billion from the maiden offering of its shares to the public.
Major shareholders of the company include the Government Service Insurance System (GSIS), Bank of the Philippine Islands and the Malayan Group of insurance companies.