The Government Service Insurance System (GSIS) reported a 21% jump in net income for 2024, reaching ₱135.7 billion.
Strong investment returns and growth in insurance operations fueled the fund’s performance, with assets rising to ₱1.83 trillion.
GSIS generated P326.86 billion in total income, marking a 10.29% year-over-year increase. Key investment gains included P13.27 billion in foreign exchange gains, P11.24 billion from global private equity investments managed by external fund managers, and P3.09 billion from local equity investments.
“We maintain a prudent investment strategy, allocating 70% of our portfolio to government securities and other fixed-income instruments,” said Wick Veloso, GSIS president and general manager.
The fund’s financial assets increased by P101.6 billion, while cash and cash equivalents grew by P30.54 billion. GSIS provided P315 billion in loans to over 1.5 million members through its MPL Flex and Lite programs, addressing critical needs like education and medical expenses.
GSIS also facilitated homeownership for 3,360 families through P2.84 billion in housing assistance.
On the insurance side, GSIS saw gross premiums written hit P10.6 billion, surpassing its P8.5 billion target. The fund also maintained its position as the largest state insurer in the Philippines, with a net worth of P62 billion.
In 2024, GSIS disbursed P179.92 billion in claims and benefits, while reducing administrative costs from P10.14 billion to P8.92 billion. The fund’s administrative cost ratio improved to 3% from 3.7% in 2023.
GSIS continued to expand its support for members, with over 1.5 million members receiving P315 billion in loans through its MPL Flex and Lite programs. These loans, aimed at addressing critical needs such as education and medical expenses, underscore GSIS’s commitment to improving financial stability for its members.
The pension fund also extended P2.84 billion in housing assistance through its Lease with Option to Buy program, helping 3,360 families move toward homeownership.
