Insular Life and Oona Insurance group have announced a change in their business arrangement, with Insular Life selling its 40% stake in the Oona Insular Insurance Corporation to Oona Insurance, making it a fully owned subsidiary of the latter. Despite this shift, both Oona Philippines and Insular Life will maintain their cooperative relationship, continuing to cross-sell insurance products in the Philippines.
This adjustment in ownership comes as Oona Philippines seeks to consolidate its presence in the general insurance sector of the country, building on its operations initiated last year. Meanwhile, Insular Life is set to focus more intently on its core life insurance and healthcare business.
Nina D. Aguas, Executive Chairperson of Insular Life, spoke of the company’s future direction, emphasising a focus on growth and customer service through digital innovation.
“As InLife moves forward to achieve accelerated growth and continue in its journey to provide customer service excellence through digital transformation and innovation, we will continue to support Oona’s plan to strengthen its presence in the Philippines,”
said Insular Executive Chairperson Nina.
“We are deeply grateful to InLife for being a remarkable partner during our lift-off stage over the past year, and we look forward to maintaining our cross-selling partnership with InLife going forward.
We are very optimistic and believe this move will help us push for higher growth as we position ourselves to be a major player in the Philippines’ non-life insurance market,”
added Abhishek Bhatia, Founder and Chief Executive Officer of the Oona Insurance group.
Oona Insurance, established in 2021 with operations in Indonesia and the Philippines, has been supported by a US$350 million equity commitment from Warburg Pincus. The company has recently introduced several products and platforms in the Philippines, including the Smart Flight Delay insurance product and the Kahoona intermediary distribution platform, designed to address specific needs in the insurance market.
