FILIPINO life insurer Insular Life (InLife) announced it has fully acquired Generali Life Assurance Philippines Inc.
In a statement Wednesday night, InLife said the move aligns with its strategic vision of enhancing its market position and broadening its capabilities.
The acquisition is seen to bring about key business synergies, reinforce distribution strength and expand the company’s end-to-end corporate product suite.
With its exit from the Philippine scene, Generali announced it will focus on markets where it holds a leading presence.
Italian insurer Generali has been providing life insurance solutions to international and local clients in the Philippines since 1999.
The transaction is expected to be completed by the first half of next year, subject to the necessary regulatory approvals.
“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. 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,” InLife executive chairperson Nina Aguas said.
“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,” Aguas added. 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.
