11 march  2023    •   corporate

Insular Life to forge a joint venture with Oona Philippines

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InLife and Oona Philippines Holding Corporation Enter into Joint Venture for Mapfre Insular Insurance Corporation

Insular Life (InLife), the largest Filipino-owned life insurance company in the country, has recently announced a joint venture agreement with Oona Philippines Holding Corporation. This joint venture will focus on InLife’s general insurance subsidiary, Mapfre Insular Insurance Corporation (MIIC).

The partnership aims to strengthen MIIC’s position as one of the leading general insurance providers in the Philippines. As part of the joint venture, Oona Philippines Holding Corporation will acquire a 49% stake in MIIC, while InLife will retain the remaining 51% ownership.

With this joint venture, MIIC will benefit from Oona Insurance Philippines‘ expertise in insurance technology, innovative products, and extensive distribution network. This collaboration will allow MIIC to further enhance its insurance offerings, particularly in the areas of travel insurance, car insurance, and cheap OFW insurance.

Oona Insurance Philippines is a fintech company that focuses on providing affordable and accessible insurance solutions to Filipinos. The company has a strong presence in the digital insurance space, offering an array of products that cater to the needs of the modern-day consumer.

InLife’s decision to enter into this joint venture with Oona Insurance Philippines highlights the company’s commitment to providing its customers with top-notch insurance products and services. As the insurance industry becomes increasingly competitive, InLife is looking for ways to innovate and stay ahead of the curve.

MIIC has been in the Philippine market for over 80 years, and has established a reputation for being a reliable and trusted provider of insurance solutions. This joint venture with Oona Philippines will allow MIIC to continue to build on its legacy and expand its reach to even more Filipinos.

The partnership between InLife and Oona Insurance Philippines comes at a time when the demand for general insurance products in the Philippines is on the rise. With a growing economy and a rising middle class, Filipinos are becoming more aware of the need for insurance coverage to protect themselves and their assets.

In conclusion, the joint venture between InLife and Oona Insurance Philippines is a strategic move that will benefit both companies and their customers. By combining their strengths and expertise, MIIC will be able to offer more innovative and affordable insurance products to Filipinos, particularly in the areas of travel insurance, car insurance, and cheap OFW insurance. This collaboration is a win-win for all parties involved and is expected to have a positive impact on the insurance industry in the Philippines.

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