Tuesday, April 5, 2011

13 PHILIPPINE MICROINSURANCE MUTUAL BENEFITS ASSOCIATIONS POST P22-B ASSETS, 2-M MEMBERS IN 2009


13 PHILIPPINE MICROINSURANCE MUTUAL BENEFITS ASSOCIATIONS POST P22-B ASSETS, 2-M MEMBERS IN 2009

The Philippines' Insurance Commission (IC) has issued licenses to a total of 27 mutual benefits association (MBAs) during the license year 2009-2010, of which 13 are microinsurance MBAs.

These 13 microinsurance MBAs were incorporated by cooperatives, microfinance institutions or non-government organizations as providers of microinsurance products and services exclusively for their members.

During the year, the 13 had some two (2) million members and posted a combined total assets of P22-billion and had set up a guaranty fund of P0.36-billion, according to the IC report.

The 27 MBAs posted a total net profit/income for the year 2009 of P1.81-billion, of which P0.25-billion was credited to the newly-licensed microinsurance MBAs.

Combined assets of these 27 MBAs were recorded at P25.99-billion, while total members' equity was put at P10.21-billion.

A large amount of their resources were placed in other loans, amounting to P8.53-billion; P4.46-billion in bonds; and P2.59-billion in fixed deposits. Total investments by the MBAs amounted to P21.64 billion, according to the IC report.

Total current cash fund at the end of the year summed up to P3.08-billion, after deducting P28.81-billion from P29.51-billion total receipts and adding prior year's cash balance of P2.38-billion, the IC informed.

On the other hand, total benefits paid to members was registered at P1.85-billion, it added. (END)
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