The Government Service Insurance System (GSIS) of the Philippines has reported a significant increase in its net income for the year 2023. The net income rose by 70% to reach P113.3 billion, compared to P66.4 billion in 2022. The total comprehensive income also saw a substantial jump from P3.6 billion to P143.4 billion. The growth in net income can be attributed to the significant expansion of equity holdings and the fixed income portfolio [551ba2f1].
GSIS experienced a P8.2 billion mark-to-market growth in equity holdings and a one-time gain of P13.6 billion from its accumulation of 3.6 billion shares in Metro Pacific Investments Corp. (MPIC). Additionally, the organization made a $300 million investment in the Global Infrastructure Partners Emerging Markets Fund. The multipurpose loan segment of GSIS also witnessed growth, increasing from P157.7 billion to P209.6 billion. Furthermore, the agency reported a record-high P9.8 billion in gross premiums written for its non-life insurance business. GSIS President and General Manager Jose Arnulfo “Wick” Veloso highlighted the agency's focus on alternative investments, such as private equity and real estate, to boost revenue generation. GSIS is responsible for providing insurance coverage and benefits to its members and administering the General Insurance Fund for government assets and properties [551ba2f1].
Filinvest Land Inc. (FLI) has also announced a 30% increase in net income for 2023, reaching P3.77 billion. This growth is attributed to a 13% rise in residential sales, primarily driven by purchases from overseas Filipino workers (OFWs). FLI launched residential projects worth P8.7 billion across various regions, catering to the increasing demand from OFWs. The company also reported a 32% revenue increase in its mall business and a 2% revenue increase in its office segment. FLI's success is underpinned by its ventures in key economic zones and partnerships, positioning it well for further expansion and growth in the Philippine real estate market [569e384e].
German insurance giant Allianz's bid to buy a majority stake in Singapore's home-grown Income Insurance has raised concerns among policyholders and experts about whether institutions with social missions should be allowed to be sold to profit-driven foreign entities. On July 17, Allianz announced it would offer S$40.58 per share for a 51% stake in Income Insurance in a deal worth S$2.2 billion (US$1.64 billion). Critics have taken issue with the social enterprise being sold to a foreign, profit-seeking player in a deal which some allege appears to enable NTUC Enterprise and other shareholders to cash out with substantial gains. Chairman Lim Boon Heng of NTUC Enterprise, Income Insurance's parent organization, told local newspaper The Straits Times on Monday that the deal was intended to give the provider a much-needed boost in a market that had become highly competitive so that it could help Income continue to fulfill its social mission [a31660c9].