AIA Philippines completes MediCard takeover

MANILA, Philippines — Life insurance firm AIA Philippines has concluded its acquisition of MediCard Philippines Inc., a leading health maintenance organization (HMO) in the country.

In a statement, AIA Philippines said the completion came after all necessary regulatory approvals have been received by the company.

Approvals were secured from the Insurance Commission and the Philippine Competition Commission.

AIA Philippines CEO Kelvin Ang said the company is expected to be in the best position to capture opportunities that will help it retain its position as a brand addressing protection, long-term savings, and health care needs of Filipinos.

MediCard president and CEO Nicky Montoya, for his part, said the completion of the acquisition would allow them to expand and further address the needs of customers.

“Filipinos can expect MediCard to provide broader, more efficient and more effective health coverage and care services,” Montoya said.

It was in September last year when global insurance giant and parent firm AIA Group Ltd. acquired 100 percent of MediCard Philippines.

Currently, MediCard has an extensive medical service network of over 1,000 partner hospitals and clinics, and 26 high-quality MediCard-owned clinics located in key cities across the Philippines.

These offer a broad suite of services across primary care, diagnostics, laboratory tests and minor surgeries.

MediCard is among the largest HMOs in the Philippines with over 920,000 members and nationwide coverage in 523 hospitals and 641 clinics engaged with the services of 23,000 doctors and 817 dentists.

AIA Philippines, on the other hand, is one of the country’s premier life insurance companies. It has P276.73 billion in total assets and P72.21 billion in net worth serving almost 1.6 million combined individual policyholders and insured group members.

It is a member of AIA Group Ltd., the largest independent publicly listed pan-Asian life insurance group that has a presence in 18 markets.