THE Government Service Insurance System (GSIS) posted robust financial results in 2024, reporting a net income from operations of P135.7 billion, a 21 percent increase from P112.1 billion in 2023. Total assets grew by 9.23 percent to P1.83 trillion.
THE Government Service Insurance System posted robust financial results in 2024, reporting a net income from operations of P135.7 billion, a 21 percent increase from P112.1 billion in 2023. Total assets grew by 9.23 percent to P1.83 trillion.Total income increased to P326.86 billion, a 10.29 percent rise year-on-year, fueled by strong returns on investments and insurance operations. Investment gains included P13.27 billion from foreign exchange, P11.
The GSIS's insurance business also showed significant strength. Gross premiums written reached P10.6 billion, surpassing the P8.5 billion target. The organization maintains its position as the largest state insurer, boasting a net worth of P62 billion.The fund demonstrated exceptional operational efficiency by disbursing P179.92 billion in claims and benefit payments while reducing administrative expenses from P10.14 billion to P8.92 billion in 2024.
Posts 21% Increase In 2024 Operations Net Income To P135.7B
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