Philippines' health maintenance org industry posts losses in Q1

The industry registered a P319m net loss.

The Health Maintenance Organization (HMO) industry of the Philippines experienced a net loss of P319m ($5.8m) in the first quarter driven by a decrease in invested assets and equity, according to the Insurance Commission.

Compared to the previous year, the HMO industry inked P864m ($15.8m) in profits.

However, revenues for the first three months of the year saw a rise of 12% to P15.6b ($290m). Claims and benefits paid also surged 35.3% to P12.8b ($230m).

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Bucking the trend, total assets dipped 6.9% to P64.8b ($1.2b) whilst liabilities fell 1.1% to P53.0b ($970m).

Data presented are based on unaudited preliminary financial statements of 25 licenced companies out of 29.

(P1.00 = $0.018)