PNBGen net profits up

PNBGeneral Insurers, Philippine National Bank’s wholly-owned non-life insurance subsidiary, reported a net income of P62 million for the first 10 months surpassing last year’s whole year profit of P51 million.

PNBGen president and chief executive officer Jose B. Zuñiga projects a whole year net income of P75 million which will surpass PNBGen’s original forecast of P72 million, the highest level the company will earn in its 11 years of operations.

The bulk of PNBGen’s net income comes from underwriting operations. Zuñiga further projects total gross premiums to reach P420 million, also. Last year, PNBGen gross P355 million in premiums.

In a press statement, PNBGen chairperson Cielo M. Salgado attributed the story performance to PNBGen’s aggressive marketing, the wholehearted support of brokers and agents, boosted by PNBGen’s sound financial standing and consistent profitability through the years.

It remains as one of the top 10 companies in the non-life insurance industry in terms of net income and in terms of capitalization. It is in the top 20 among 113 non-life insurance companies in the Philippines, in terms of premium production.

It boasts of a 14-percent return on equity, which is double the industry’s norm while it has one of the lowest loss ratios in the industry at 26 percent.