Oona will acquire its Philippine insurance joint venture partner In Life.
The partnership will endure in spite of the sale.
JIO Partner Central: The partnership will endure in spite of the sale
According to a recent agreement announced by Insular Life (In Life) and Oona Insurance Group, In Life will sell its 40% share in Oona Insular Insurance Corporation, their joint venture that specialises in non-life insurance (Oona Philippines).
Oona Philippines will become an entirely owned subsidiary of Oona as a result of this deal. The two businesses will continue to collaborate and cross-sell insurance products in the Philippines even after this ownership change.
JIO Partner Central:
It is expected that this agreement will strengthen Oona Philippines’ standing in the Philippine general insurance market.
Since entering the market a year ago, Oona Philippines has offered a variety of innovations and services. In the interim, In Life plans to focus on its principal businesses are healthcare and life insurance.
This emphasis is also in line with In Life’s recent growth, which has been demonstrated by the company’s ascent to the fifth spot in the New Business Annualised Premium Equivalent during the first half of 2013.
E kart Partner:
In Life intends to grow both its business and its distribution network in order to move up the industry rankings.
“We will continue to support Oona’s plan to strengthen its presence in the Philippines as In Life moves forward to achieve accelerated growth and continue in its journey to provide customer service excellence through digital transformation and innovation,” stated Nona D. Guavas, executive chairperson of In Life.
“We are incredibly appreciative to In Life for being an incredible partner during the last year of our launch phase, and we look forward to continuing
Swig Partner:
our future cross-selling collaboration with In Life’, stated Oona’s founder and CEO, Abhishek Bhatia. “This move will help us push for higher growth as we position ourselves to be a major player in the non-life insurance market in the Philippines,” the company said with great optimism.
Novidea has announced its entry into the Southeast Asian market, starting in Singapore and Hong Kong, elsewhere in the region.
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