Better-than-expected claims developments helped the non-life segment improve its results in 2025.
The National Reinsurance Corporation of the Philippines (Nat Re) is expected to maintain stable performance and strong capital reserves over the medium term, supported by expanding business opportunities and government-backed initiatives.
According to credit rating agency AM Best, the country’s sole domestic reinsurer is well-positioned to write higher business volumes beyond current legal minimum requirements.
This potential growth is driven by its involvement in designing and launching new underwriting facilities in the domestic market, alongside strong ties with local insurance companies.
Nat Re’s business portfolio spans both life and non-life reinsurance, with moderate geographic diversification.
The company’s life business continues to deliver healthy margins, whilst its non-life segment showed improved underwriting performance in 2025 due to better-than-expected claims developments.
Over the five-year period from 2021 to 2025, Nat Re achieved an average return-on-equity ratio of 6.8%, with investment income from government bonds and dividends continuing to support steady earnings.
Financial projections indicate that Nat Re will maintain a robust capital cushion. The company entered 2026 with its risk-adjusted capitalisation at the highest level measured by AM Best’s capital adequacy standards, giving it solid financial flexibility.