The assets of health maintenance industry based on unaudited interim financial statements submitted by 28 health maintenance firms rose 27.6 percent to P63.21 billion as of Sept. 30, 2021 from P49.54 billion a year ago, Insurance Commissioner Dennis Funa said Tuesday.
Funa in a statement attributed the growth in the HMOs’ assets to a corresponding increase in the value of the industry’s investment portfolio despite the 7.1-percent decrease in cash and cash equivalents by percent.
“Investments in subsidiaries, associates, and joint ventures and investments in property increased by a staggering 3,763.99 percent and 1,446.53 percent, respectively. Moreover, financial assets at fair value through profit or loss and HMOs’ deferred tax assets increased by 75.43 percent and 168.75 percent, respectively,” Funa said.
Meanwhile, total equity rose 17.2 percent year-on-year,from ₱12.99 billion in third quarter 2020 to ₱15.22 billion year-on-year.
“According to the unaudited reports, this increase in total equity was due to an increase in retained earnings by 14.45 percent, which comprise 77.28 percent of HMOs’ total equity for third quarter 2021,” Funa said.