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InLife sells iCare HMO to Singapore firm to focus on life insurance, corporate solutions

Business | Trade & Industry

InLife sells iCare HMO to Singapore firm to focus on life insurance, corporate solutions

By Derco Rosal

At A Glance

Manila-based Insular Life (InLife) has completed the sale of its iCare health maintenance organization (HMO) to a Singaporean health firm in a move to concentrate on expanding its life insurance and corporate solutions offerings.

Homegrown The Insular Life Assurance Co. Ltd. (InLife) has completed the sale of its iCare health maintenance organization (HMO) to a Singaporean health firm as part of its plan to focus on expanding life insurance and corporate solutions offerings.

InLife said in a statement on Monday, Jan. 19, that the sale of the HMO unit to Value-Based Health Care PF Pte. Ltd. (VBHC) is part of its strategy to streamline its portfolio and concentrate on life insurance and corporate solutions.

Completion of the transaction is subject to regulatory approval.

InLife executive chairperson Nina D. Aguas said the realignment allows the company to focus on areas where it can create the greatest value while continuing to provide quality insurance solutions to Filipinos.

iCare HMO, founded in 1991 as a wholly owned subsidiary of InLife, saw significant improvements after the company invested in modernizing its core systems, digital platforms, and operations.

According to the insurer, the former HMO unit’s performance strengthened over the years, rising from 12th place in 2018 to 6th in 2023, which attracted a partial foreign acquisition that same year.

To date, iCare HMO serves over one million members across the Philippines, with services continuing under foreign ownership.

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