Manila: The Government Service Insurance System (GSIS) reported on Monday a 21-percent increase in net income from operations in 2024, reaching PHP135.7 billion compared to PHP112.1 billion in 2023. This boosted the state pension fund’s total assets by 9.23 percent to PHP1.83 trillion.

According to Philippines News Agency, total income rose 10.29 percent year-on-year to PHP326.86 billion, driven by strong investment returns and insurance operations. The agency recorded PHP13.27 billion income from foreign exchange gains, PHP11.24 billion from global private equity investments managed by external fund managers, and PHP3.09 billion from local equity investments.

GSIS President and General Manager Wick Veloso stated that 70 percent of their portfolio is invested in government securities and other fixed-income instruments, while the remaining 30 percent is placed in higher-yielding investments, including equities, real estate, and other investment vehicles. “This balanced approach ensures both stability and growth, supporting our fund life, which extends until 2058,” he added.

Meanwhile, the state pension fund’s financial assets increased by PHP101.60 billion, while cash and cash equivalents grew by PHP30.54 billion. Total loans to members also expanded to PHP370.65 billion. It also achieved a 98.6 percent loan collection efficiency as of the third quarter of 2024.

The insurance business posted strong results, with gross premiums written reaching PHP10.6 billion, exceeding its PHP8.5 billion target. As a result, the GSIS remains the largest state insurer, with a net worth of PHP62 billion.

Last year, the agency disbursed PHP179.92 billion in claims and benefit payments while reducing administrative expenses from PHP10.14 billion to PHP8.92 billion. Loans disbursement reached PHP315 billion under the MPL Flex and Lite programs, benefiting over 1.5 million members. GSIS also extended PHP2.84 billion in housing assistance through initiatives like the Lease with Option to Buy program, helping 3,360 families move toward homeownership.