THE Insular Life Assurance Co., Ltd. (InLife) is set to buy 100% of Generali Life Assurance Philippines, Inc.’s shares in a move meant to boost its market position.
“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,” InLife Executive Chairperson Nina D. Aguas said in a statement late on Wednesday.
InLife expects the acquisition to be completed by the first half of 2025, subject to regulatory approvals.
“It is expected to bring about key business synergies, reinforce distribution strength, and expand the company’s end-to-end corporate product suite,” InLife 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,” it added.
Following its exit from the Philippine insurance sector, Generali Life said it will “focus on markets where it holds a leading presence.”
InLife booked a premium income of P15.64 billion in 2023, latest Insurance Commission data based on companies’ annual statements showed, ranking seventh among life insurers. Its net income stood at P2.45 billion, while its assets totaled P150.65 billion.
Meanwhile, Generali Life posted a premium income of P1.91 billion and a net loss of P169.39 million last year. It had assets valued at P3.64 billion at end-2023. — A.M.C. Sy
