The National Reinsurance Corporation of the Philippines (NRCP), which does business as Nat Re, PhilNaRe, or Philippine National Reinsurance Company, has received a strong financial rating from Philippine Rating Services Corporation (PhilRatings), according to a disclosure filed with the Securities and Exchange Commission on June 22, 2026.

What Does This Rating Mean?

Think of a financial rating like a report card for companies. PhilRatings gave NRCP a grade of “PRS A plus” with a “Stable Outlook.” Let’s break down what this means in simple terms:

A “PRS A” rating means the company has strong financial security – basically, it’s in good financial health and can pay its bills. However, it might be affected more by bad business conditions compared to companies with even higher ratings. The “plus” sign makes the rating a little bit better, like getting an A+ instead of just an A.

The “Stable Outlook” means that PhilRatings expects this rating to stay the same for the next 12 months – it’s not likely to go up or down soon.

What is NRCP?

NRCP is the only professional reinsurance company in the Philippines. But what’s a reinsurance company? Well, when regular insurance companies want to protect themselves from really big losses, they buy insurance too – and that’s called reinsurance. NRCP is the company that provides that insurance to other insurance companies.

The company has a special advantage: by law, all insurance companies in the Philippines must give at least 10% of their reinsurance business to NRCP. This gives NRCP automatic access to business and helps it understand what insurance companies need.

Why Did NRCP Get This Good Rating?

According to PhilRatings, NRCP received this strong rating because of five main reasons:

• Solid market position: Being the only domestic professional reinsurer gives them a strong position
• Strong shareholders and experienced management: The company is backed by big, reliable owners
• Sound investment portfolio: They invest their money wisely
• Sustained net income growth: The company keeps making more profit
• Sound capitalization: They have plenty of money to run the business safely

Who Owns NRCP?

As of end-2025, NRCP’s biggest shareholders include:

• Government Service Insurance System (GSIS): 25.8% – This is the government’s insurance provider for government employees
• Bank of the Philippine Islands (BPI): 13.7% – One of the Philippines’ largest banks
• MICO Equities, Inc.: 12.9% – The holding company for Malayan Insurance, the second-largest non-life insurance company in the Philippines

Together, these three major shareholders control 52.4% of the company.

How is NRCP’s Financial Performance?

According to the disclosure, NRCP showed strong financial performance in 2025:

Investments: NRCP’s total investment assets reached ₱11.3 billion as of end-2025, up 11.8% from ₱10.1 billion in 2024. Most of this money (95.3%) is invested in low-risk fixed income investments, with 79% in government securities – which are considered very safe investments.

Premium Income: The company’s gross premiums written (the total amount of insurance premiums they collected) was ₱5.7 billion in 2025, which was actually 4.9% lower than the previous year. This decrease happened mainly because they earned less from agriculture insurance treaties, though this was partially made up by higher earnings from life insurance business.

Profitability: Despite lower premium income, NRCP’s net income (profit) actually grew by 50.4%, jumping from ₱551 million in 2024 to ₱829 million in 2025. This happened because the company spent less on underwriting expenses (claims and commissions dropped by 19.4%), and they earned more from their investments (up 25.7% to ₱670 million).

Return on Assets: NRCP’s return on assets reached 3.6% as of end-2025, the highest level since 2019. This means the company is making good use of its assets to generate profit.

Is NRCP Financially Secure?

Yes, according to the numbers. NRCP’s risk-based capital (RBC) ratio stood at 218% as of December 2025. The Insurance Commission requires insurance companies to maintain at least 100%, so NRCP has more than double what’s required – a sign of strong financial cushion.

The company’s total equity (net worth) was ₱7.7 billion as of end-2025, which is significantly higher than the minimum regulatory requirement of ₱3.0 billion.

About the Company’s Leadership

NRCP is led by Allan R. Santos, who has been President and Chief Executive Officer since 2018. Before this role, he was the company’s Executive Vice President and Chief Operating Officer. He has extensive experience in the insurance industry, having worked with Philam Life affiliate companies and served as Regional Chief Financial Officer for Europe at Cigna Global Health Benefits.

The company is listed on the Philippine Stock Exchange with the stock code NRCP, and has 2,123,605,600 common shares outstanding.

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.