December 10, 2024 | 12:00am
MANILA, Philippines — Filipino insurance company Insular Life (InLife) has acquired 100 percent shareholdings of Generali Life Assurance Philippines Inc., the Philippine unit of the Italian insurance company, as part of efforts to strengthen its market position in the country.
In a statement, InLife said the move aligns with its strategic vision of enhancing its market position and broadening its capabilities. The acquisition is expected to bring about key business synergies, reinforce distribution strength and expand the company’s end-to-end corporate product suite.
“This acquisition is a proud moment for InLife as it demonstrates our capability and resolve to further expand and innovate while remaining steadfast to our mission of serving the insuring public. This also underscores InLife’s enduring strength as a 114-year-old proud Filipino company, highlighting our solid financial foundation, equity position, and strong risk-based capital,” InLife executive chairperson Nina Aguas said.
“As a homegrown company acquiring a foreign entity, we see this as a strategic step to cement our position as a leader in the life insurance industry. Moving forward, InLife is committed to scaling new heights in delivering exceptional value to our policyholders and the communities we serve,” she added.
InLife said the integration would also capitalize on the combined expertise of both organizations’ teams, enabling it to deliver world-class insurance solutions and services to its policyholders and stakeholders.
“With its exit from the Philippine scene, Generali announced it will focus on markets where it holds a leading presence,” InLife said.
In a separate statement, Generali confirmed the sale of its Philippine business, adding that it is aligned with its Lifetime Partner 24: Driving Growth vision.
The said strategic plan to drive sustainable growth, enhance its earnings profile and optimize its geographical footprint focusing on the insurance markets in which Generali has a leading presence.
Through its Philippine business, Generali has been providing life insurance solutions to international and local clients in the country since 1999.
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