The National Reinsurance Corporation of the Philippines, also known as Nat Re, has achieved its highest-ever profit and is sharing money with its shareholders for the first time since 2013, according to a disclosure filed with the Securities and Exchange Commission.

What Happened at Nat Re?

During their Annual Stockholders’ Meeting on June 24, 2026, Nat Re announced that they made ₱829.5 million in net profit for 2025. To understand this better, think of net profit as the money a company gets to keep after paying all its bills and expenses – it’s like your savings after buying everything you need.

This profit is significantly higher than what they made in 2024 – it went up by 50.5%, which means they made about half more money than the previous year. President and CEO Allan Santos shared this good news with shareholders at their meeting in RCBC Plaza, Makati City.

Why Did Nat Re Make More Money?

According to the disclosure, Nat Re made more money for two main reasons:

• Better underwriting performance: Their net underwriting income grew by 49.4% to ₱744.2 million. Underwriting is the main business of reinsurance – it’s when they help regular insurance companies by taking on some of their risk.
• Strong investment income: Their investment and other income increased by 25.7% to ₱670.3 million. This is money they earned from investing their funds wisely.

The company did particularly well in their Fire insurance portfolio (fewer claims than expected), paid lower commissions, and gained new medical insurance treaties. However, their Non-life Foreign business had some challenges that reduced some of the gains.

What is Reinsurance?

To better understand Nat Re’s business: When you buy insurance from a company, that insurance company sometimes needs its own insurance to protect itself from very big claims. That’s where Nat Re comes in – they provide “insurance for insurance companies,” which is called reinsurance.

About the Dividend Payment

The most exciting news for Nat Re’s shareholders is the dividend declaration. The company announced it will pay out about ₱290 million in cash dividends, which equals ₱0.137 per share. Shareholders whose names were on record as of June 15, 2026, will receive this payment.

This is particularly special because it’s the first time in 12 years that Nat Re is giving regular cash dividends to its shareholders. The dividend represents 35% of their total 2025 profit.

The company also updated its dividend policy in a Board meeting in May 2026. The new policy aims to distribute at least 30% of the previous year’s audited net income as annual cash dividends, though the actual amount will depend on the company’s financial condition, cash flow, and investment plans.

Performance Despite Challenges

Even though Nat Re’s gross written premiums (the total amount of insurance policies they sold) decreased by 4.9% to ₱5.7 billion, the company still became more profitable. This happened because they were very careful and smart about which insurance risks they accepted.

One important metric improved significantly: their combined ratio went from 97.1% in 2024 to 91.5% in 2025. The combined ratio shows how much a reinsurance company spends on claims and expenses compared to the premiums they collect. A lower number is better, and anything below 100% means the company is making money from its core business.

About National Reinsurance Corporation of the Philippines

Nat Re (PSE: NRCP) is listed on the Philippine Stock Exchange with 2,123,605,600 common shares outstanding. The company is headquartered at the 31st Floor, BPI AIA Makati, 6811 Ayala Avenue, Makati City.

The company provides both life and non-life reinsurance services to direct insurance companies in emerging markets, particularly in the Philippines. They also offer consultancy, technical, and advisory services to help insurance companies manage their risks better and improve their operations.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.