MANILA -- The Government Service Insurance System (GSIS) said its net income from operations climbed to P135.7 billion last year, up 21 percent from the P112.1 billion seen in 2023.

In a statement, GSIS also said total income jumped 10.29 percent to P326.86 billion because of strong returns on investment and insurance operations.

The state-led pension fund said P13.27 billion in investment gains came from foreign exchange, P11.24 billion came from global private equity investments through external fund managers, and P3.09 billion came from local equity investments.

Total assets reached P1.83 trillion, growing by 9.23 percent from the year before. 

The state insurer also said it was able to disburse P179.92 billion in claims and benefit payments in 2024. It also gave loans amounting to P370.65 billion. 

GSIS also said it gave P2.84 billion in housing assistance to some 3,360 families. 

The state pension fund also said gross insurance premiums written last year reached P10.6 billion, exceeding its P8.5 billion target. 

"Beyond the numbers, these programs represent our commitment to provide support at critical moments," said GSIS president Wick Veloso.

In 2023, GSIS saw a 70 percent spike in its net income.

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