State-run Government Insurance Service System (GSIS) posted a lower audited net income for the year 2013 on the account of its higher expenditure in claims and benefits of its members.

In a press briefing on Tuesday, GSIS President and General Manager Robert Vergara announced that the insurer’s net income for the year amounted to P49 billion, which is lower compared to the P60-billion net income in 2012.

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