Insular Life (InLife) fully acquired Generali Life Assurance Philippines Inc. to expand its products in the country.
In a statement, InLife said it acquired Generali’s 100-percent stake in the Philippines to enhance its distribution network and expand its 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,” said InLife executive chairperson Nina Aguas.
InLife said the strategic move aligns with its vision to bolster its capabilities, achieve business synergies, and expand its end-to-end corporate product suite.
“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,” she said.
Aguas said that as a homegrown company acquiring a foreign entity, they see this as a strategic step to cement their 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 said.
The integration will also capitalize on the combined expertise of both organizations’ teams, enabling InLife to deliver world-class insurance solutions and services to its policyholders and stakeholders.
Generali said it would instead focus on markets where it holds a leading presence.
The transaction is expected to be completed by the first half of 2025, subject to necessary regulatory approvals.
