HMO industry posts net loss in 2022
THE health maintenance organization (HMO) sector swung to a net loss in 2022, Insurance Commission (IC) data showed.
The HMO industry posted a net loss of P1.435 billion in 2022 versus the net profit of P5.145 billion in 2021, IC data based on unaudited interim financial statements submitted by 26 out of 29 companies showed.
Revenues inched up by 6.05% to P56.508 billion, with revenues from total membership, enrolees, and administrative service fees rising by 6.06% to P55.514 billion.
Total capital stock also rose 33.48% to P5.058 billion.
Meanwhile, benefits and claims paid out by the industry increased by 33.74% to P43.759 billion.
Total invested assets went down by 41.01% year on year to P16.657 billion.
The sector’s combined assets declined by 12.04% to P54.288 billion.
Meanwhile, liabilities dropped by 8.85% to P43.219 billion.
Total equity stood at P11.069 billion, down 22.61% year on year.
IC data showed eight of the 29 licensed HMOs posted a net loss last year. — AMCS
