Insular Life (InLife), one of the leading insurance companies in the Philippines, has recently announced a joint venture agreement with Oona Philippines Holding Corp. (Oona Insurance Philippines), a subsidiary of the Oona Group, to take full control of Mapfre Insular Insurance Corp. (MIIC). This move is expected to further strengthen InLife’s position in the insurance industry and expand its portfolio of services.
Under the joint venture agreement, InLife will acquire 51% of the shares of MIIC currently held by Mapfre S.A., while Oona Philippines Holding Corp. will acquire the remaining 49%. This transaction will make InLife the majority shareholder of MIIC, which has been a joint venture between Mapfre and Insular Life since 1996.
With this new development, InLife will be able to leverage its expertise in life insurance and expand its presence in the general insurance market. MIIC is a major player in the Philippine general insurance industry, offering a wide range of products and services such as car insurance, property insurance, and travel insurance.
Furthermore, the joint venture will enable InLife to tap into Oona Philippines Holding Corp.’s expertise in digital technology and innovation. The Oona Group is a leading insurtech company in Asia, offering digital insurance solutions and services to customers across the region. This partnership will allow InLife to enhance its digital capabilities and provide more efficient and seamless services to its clients.
The acquisition of MIIC by InLife and Oona Philippines Holding Corp. comes at a time when the insurance industry in the Philippines is experiencing significant growth. With the country’s economy on the rise, there is an increasing demand for insurance products and services, particularly in the general insurance sector.
In fact, the Philippine insurance industry recorded a total premium income of Php 259.7 billion in 2020, with the non-life insurance sector accounting for Php 144.9 billion of the total premium income. This underscores the potential for growth in the general insurance market, and InLife’s acquisition of MIIC puts the company in a strong position to capture this growth.
In conclusion, the joint venture agreement between Insular Life and Oona Philippines Holding Corp. to take full control of Mapfre Insular Insurance Corp. represents a strategic move that will enable InLife to expand its presence in the general insurance market and enhance its digital capabilities. With the Philippine insurance industry poised for growth, InLife’s acquisition of MIIC puts the company in a strong position to capitalize on this growth and provide more comprehensive and efficient services to its clients.
October 26, 2022
October 26, 2022