Attesting to the strength and stability of the business, the Public Safety Mutual Benefit Fund, Inc. (PSMBFI) claimed the lead spot among mutual benefit associations (MBAs) in terms of net worth as of 2015.
Said standing was based on the report of Mr. Panfilo Dela Paz, the company's Retained Actuary, on the assessment of the financial condition of PSMBFI as compared to other commercial life insurance companies and MBAs, which is presented in an executive committee meeting held last July 26, 2016.
The report asserted that PSMBFI raked in a net worth of P6.67 billion from total assets of P13.05 billion and liabilities of P6.38 billion.
In the same manner, PSMBFI can be ranked on the 6th spot among commercial life insurance companies in a tentative ranking released by the Insurance Commission (IC) as of December 31, 2015.
In addition, PSMBFI reported a gross premium income of P1.17 billion while a net income at P510 million. Said statistics placed the company on the 3rd and 2nd spots, respectively, among MBAs while on the 16th and 9th places among commercial life insurance companies in the country correspondingly.
According to Mr. Dela Paz, the financial performance of PSMBFI is "doing well" which affirmed the continued viability of the company. This current condition is highly regarded to be strong considering that the company is just in its 18 years of institutionalization as compared to other competitors with more than several decades in the industry.
Established on December 11, 1997, PSMBFI came about out of the need to provide insurance coverage to public safety practitioners when the enactment of Republic Act 8291 (GSIS Act of 1997) excluded the Philippine National Police (PNP), Armed Forces of the Philippines (AFP), Bureau of Fire Protection (BFP) and Bureau of Jail Management and Penology (BJMP) from the social insurance coverage of GSIS.
Today, PSMBFI caters to more than 157,000 members consisting of uniformed and non-uniformed personnel of public safety agencies with product offerings tailor-fitted to the needs and demands of the industry clients.
Source: Philippine Information Agency