InLife completes Generali Philippines takeover
Homegrown insurance giant Insular Life Assurance Co., Ltd. (InLife) on Friday said it has completed its acquisition of 100 percent of Generali Life Assurance Philippines, marking a key milestone in its bid to strengthen its foothold in the country’s life and health insurance sector.
The completion of the deal follows regulatory approvals from both the Insurance Commission and the Philippine Competition Commission.
InLife said the deal was formally signed on May 23 at the InLife Building in Makati.
READ: Generali exits Philippines, sells local business to Insular Life
“This acquisition represents more than just the combination of two companies; it’s the coming together of two cultures, two legacies, and two teams committed to a common purpose,” InLife Executive Chairperson Nina Aguas said in a statement.
Under the agreement, Generali will continue to operate as a separate subsidiary but will align with InLife under a shared strategy focused on innovation, customer experience, and complete protection solutions.
Aguas also named Noemi Azura as the president and chief executive officer of the newly acquired subsidiary, effective immediately.
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Currently serving as InLife’s corporate solutions head, Azura previously spearheaded the growth of Insular Health Care, turning it into one of the country’s fastest-growing health maintenance organizations.The country’s insurance industry continued to report higher profits in the first quarter of this year, driven by increased premium collections and a modest decline in claims payouts.
The latest figures from the Insurance Commission (IC) revealed that the industry’s total net income increased by 7.09 percent year-on-year, reaching P15.30 billion.
