INSURANCE Commissioner (IC) Dennis B. Funa has stepped down from his post as chairman of the Asian Reinsurance Corp. (Asian Re) effective Aug. 31, the Insurance Commission (IC) announced on Thursday.
Mr. Funa was supposed to serve his term until 2023. He will be replaced by Gholameza Soleymani, president of Bimeh Markazi Iran or the Central Insurance of the Islamic Republic of Iran.
“This move is prompted by a desire to now focus more on the Philippine insurance industry, after Asian Re’s performance has significantly improved over recent years,” Mr. Funa said.
The IC chief was elected as Asian Re chairman twice for two-year terms by its council of members in June 2019 and June 2021.
The reinsurer is an intergovernmental organization established in 1979 which is owned by the governments of the Philippines, Afghanistan, Bangladesh, Bhutan, China, India, Iran, South Korea, Sri Lanka and Thailand.
The IC said under Mr. Funa’s term as chairman, Asian Re’s total assets grew by 4.5% to $107.58 million on more fund flows amid increased operations and a growth in investments in bank deposits.
Between 2020 and 2021, Asian Re’s gross premiums also rose by 14.5% to $23.47 million, while its net retained premiums went up by 21.7% to $20.66 million. Earned premiums amounted to $19.19 million, rising by 24.8% year on year.
Its earned loss ratio also declined to 76.3% from 104.7% in the same period as major losses decreased and amid the discontinuance of loss-making portfolios such as agriculture and motor. — DGCR
