Insular Life (InLife) has acquired Generali Life Assurance Philippines, Inc. to strengthen its market position and product offerings.
In a statement on Wednesday, Dec. 4, the largest Filipino life insurance company said that acquiring the Italian insurer Generali's 100 percent stake in the Philippines will enhance InLife's 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 Nina D. Aguas, InLife executive chairperson.
“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 added.
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.
With its exit from the Philippine market, Generali announced it will focus on markets where it holds a leading presence.
The transaction is expected to be completed by the first half of 2025, subject to the necessary regulatory approvals.