We are pleased to report that in 2003, your company's performance surpassed the previous year's results, even as we operated in a weak domestic environment that had been adversely affected by the forces of global trade, terrorism, and local politics.
With an asset base of P3.72 billion and paid-up capital of P250 million, your company remained firmly entrenched among the top players in the non-life insurance industry in the Philippines.
Banking on our size and our extensive branch network, gross premium receipts rose 3% from P2.364 billion to P2.442 billion, a commendable feat at a time when economic difficulties usually take their toll on consumer spending.
Net income from underwriting activities went up 9.4% from P296.19 million to P324.09 million, although net claims and losses surged at a faster pace of 46.1% from P408.01 million to P596.21 million.
Expenses incurred from operations increased by 13.1% from P301.23 million to P340.72 million but this was offset by the sizable jump in income from your company's investments and other income sources -- mainly interest and foreign exchange gains -- which reached P44.38 million, or 67.3% higher than the P26.53 million level a year earlier.
As a result, net income improved by 13.6% from P17.7 million to P20.1 million during the period.
Despite these achievements, your company will continue to live up to its tradition of providing underwriting expertise and superior customer service to our valued clients.
In these trying times, we remain immensely gratified by the unwavering support of our business partners and stakeholders, along with the zeal and dedication of our officers and staff. Your efforts helped propel our company into a market leader in the local arena and ultimately, bring it up along the ranks of the world's best.
To our clients, we thank you for the trust and confidence you have put into your company amidst challenging business conditions and a highly-competitive environment in the non-life insurance sector.
Finally, we give my deepest appreciation for the continued good governance and collective wisdom of our board of directors; the driving force behind your company's success.
To them, our most profound thanks.
Phillip K. Rico
President and Chief Operating Officer
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