The health maintenance organization (HMO) sector reported a net loss of P1.19 billion in the first six months.

THE HEALTH maintenance

The health maintenance organization (HMO) industry reported a net loss of P1.19 billion.in the fi2016

The data from 2016 was collected during the first semester.

The IC (Insurance Commission).showed.

During the period, the industry experienced a net loss of P1.18 billion, according to data from the Insurance Commission. This is a reversal of the net profit of the industry in the same period last year, based on unaudited interim financial statements submitted by 28 out of 29 HMOs.

The HMO industry’s net loss came even as total revenues rose by 14.71% year on year to P32.14 billion from P28.02 billion. Of the total, fees from memberships, enrollees, and administrative services comprised P31.21 billion, up 12.98% from P27.63 billion a year ago.

The overall value of capital stock increased by 21.12% to P5.65 billion from P4.67 billion.

Benefi

The total amount of claims that were paid by the industry rose by 32.69% to P26.22 billion by the end of June, compared to P19.76 billion in the same time frame last year.

The overall costs rose by 24.1%, reaching P33.32 billion, compared to the previous amount of P26.84 billion.

During this time, the sector’s invested assets decreased by 25.51%, going from P25.08 billion to P18.68 billion.

The combined value of HMO companies’ assets decreased by 2.92% to P61.76 billion as of June, compared to P63.61 billion in the previous year.

Additionally, the overall amount of debts increased by 3.88% to P51.45 billion compared to P49.52 billion.

The overall equity of the industry decreased by 26.83% compared to last year, going from P14.09 billion to P10.31 billion.

1st quarter

11 out of the 29 HMOs that are currently in operation reported a decrease in net profits during the first quarter.fi

The initial portion, according to the IC information displayed.

Aveda Managed Care, Inc. was the top earner in the industry for the first half of the year with a net income of P81.12 million, followed by Philhealth Care, Inc. with P31.42 million. Health Maintenance, Inc. had net earnings of P16.28 million, while Wellcare Health Maintenance, Inc. earned P16.05 million and Life & Health HMP, Inc. had a net income of P12.58 million.