Oona Singapore, which aspires to be the leading digital general insurance platform in Southeast Asia, has a subsidiary called Oona Philippines. Warburg-Pincus (WP), a leading worldwide growth investor with more than $80 billion in assets under management, is supporting Oona Singapore. WP has a proven track record of making investments in and adding value for insurance industry businesses.
To acquire complete control of Mapfre Insular Insurance Corp., Insular Life (InLife) and Oona Philippines Holding Corp. have engaged in a joint venture agreement (MIIC). According to a statement from Nina Aguas, executive chairman of InLife, the Filipino-owned life insurance company boosted its interest in MIIC from 25% to 40%, and Oona would buy the remaining 60% of the company’s shares.
The agreement comes after Mapfre Internacional SA, a Spanish company, earlier decided to discontinue its operations throughout Asia, including the Philippines. For our non-life operations, “we attracted a substantial investor,” Aguas stated. “The joint venture will enable our existing and prospective distribution channels to expand up and provide stronger and better general insurance products provided utilizing technology,” the company claims.
According to Aguas, InLife will take advantage of Oona’s capabilities for capability development and value generation to broaden its reach and enable both parties to cooperate more effectively.
According to Aguas, “the complementary qualities of both organizations will catapult both to a leadership position in offering relevant and timely solutions to the current and changing needs of our markets.”
As we develop as players in the digital economy, “this will give us more tools to follow our growth trajectory for our non-life businesses,” he continued.
Oona Group CEO Abhisek Bhatia expressed his company’s happiness at the partnership with InLife. “Together, we will create the nation’s top digital general insurer. Future business growth will be driven by our common values of putting the customer first and digital enablement, according to Bhatia.
The event invited various Non-Life insurance agencies in the Philippines to inspire and empower the industry to continue making positive changes in its goal to close gaps and provide opportunities for everyone to flourish. It featured influential speakers from leading companies, a packed agenda, and powerful opportunities. MGS General Insurance Agency Inc. was one of the Philippines’ invited non-life insurance companies.