GSIS net income up 49% to P96.5B in 2019

The Government Service Insurance System’s (GSIS) net income rose by almost half to P96.5 billion in 2019 on the back of higher revenues from financial assets, insurance and loans.

Preliminary statements from the state pension fund showed last year’s net income increased 49 percent from P64.7 billion in 2018.

In 2019, income grew to P228.1 billion from 2018’s P187.3 billion, while expenses rose to P131.6 billion from P122.6 billion.

The GSIS’s income from insurance increased to P131.2 billion in 2019 from P120.7 billion in 2018.

Income from loans also climbed to P34.7 billion from P28.5 billion.

From its financial assets, income jumped to P48.5 billion from only P3.9 billion in the same period. However, income from investment in associates declined to P94.9 million from P95.5 million, while income from investment property fell to P12.9 billion from P33.2 billion.

Also, the GSIS’s other income dropped to P511.4 million from P805.8 million.

As for expenses, claims and benefits and investment expenses increased to P122.3 billion and P151.5 million, respectively.

The GSIS nonetheless managed to cut expenditures on insurance (to P1.7 billion), personnel services (P4.9 billion), and operating expenses (P2.4 billion). —BEN O. DE VERA