Assets of HMO companies up 27.6% to P63.2b



Health maintenance sector assets based on unaudited interim financial statements submitted by 28 health maintenance companies increased 27.6% to 63.21 billion pesos as of September 30, 2021, from 49 , 54 billion pesos a year ago, Insurance Commissioner Dennis Funa said on Tuesday.

Funa, in a statement, attributed the growth in HMOs assets to a corresponding increase in the value of the industry’s investment portfolio despite the 7.1% decrease in cash and cash equivalents.

“Investments in subsidiaries, associates and joint ventures and investments in real estate increased by 3,763.99% and 1,446.53% respectively. In addition, financial assets at fair value through profit or loss and deferred tax assets of HMOs increased by 75.43% and 168.75%, respectively, ”said Funa.

At the same time, total equity increased 17.2% year-on-year, from 12.99 billion yen in the third quarter of 2020 to 15.22 billion yen year-on-year.

“According to unaudited reports, this increase in total equity was due to an increase in retained earnings of 14.45%, which represents 77.28% of total HMO equity for the third quarter of 2021,” said Funa .



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