InLife completes sale of iCare HMO stake

MANILA, Philippines — The Insular Life Assurance Co. Ltd. (InLife), the country’s first and largest Filipino life insurer, has completed the sale of its shareholdings in iCare HMO to Value-Based Health Care PF Pte. Ltd. (VBHC) of Singapore, as part of a broader strategy to streamline its portfolio and focus on core businesses.

InLife said the divestment, subject to regulatory approval, is aimed at sharpening its concentration on life insurance and corporate solutions, allowing the company to deliver more comprehensive offerings to clients nationwide.

“This realignment allows us to focus on areas where we can create the greatest value,” InLife executive chairperson Nina Aguas said. “We remain committed to providing world-class insurance solutions and delivering A Lifetime for Good to Filipinos.”

iCare HMO was founded in 1991 as a wholly owned subsidiary of InLife and remained under the group for more than three decades. Over this period, InLife supported the modernization of iCare’s core systems, digital platforms and operations, initiatives that helped improve profitability and strengthen its market position.

From ranking 12th in the industry in 2018, iCare rose to sixth place by 2023. Its improved performance and scale eventually drew foreign investor interest, leading to a partial acquisition in 2023 and culminating in the latest sale to VBHC.

iCare HMO currently serves more than one million members nationwide and continues to build on the foundations established through its long experience in the Philippine healthcare sector, InLife said.

The sale comes as InLife seeks to sharpen its strategic focus on financial protection, risk management, savings and investment solutions, areas where it believes it can generate the most value for policyholders and corporate clients.

InLife, which has more than 115 years of uninterrupted service, reported an asset base of over P158.9 billion and a net worth of P44.3 billion.

The company serves policyholders through 56 offices nationwide and an expanding digital footprint.