AIA announces acquisition of MediCard Philippines

Dr. Nicky Montoya to continue to lead MediCard as the CEO.

AIA Group has announced the 100% acquisition of the shares in MediCard Philippines.

Dr. Nicky Montoya will continue to lead MediCard as the Chief Executive Officer following the transaction, which is subject to regulatory approvals and other customary closing conditions.

MediCard is a Health Maintenance Organisation (HMO) in the Philippines providing health insurance and healthcare services to more than 920,000 members across corporate and individual plans. 

The acquisition brings assets and capabilities across healthcare provision, administration and management, accelerating AIA’s Integrated Health Strategy in the Philippines. 

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 that offer a broad suite of services across primary care, diagnostics, laboratory tests and minor surgeries. Sophisticated administration and provider management capabilities will enable integrated health insurance and healthcare solutions for AIA Philippines, supporting customers at every stage of their journey.

Last week, reports have indicated AIA has been in talks with MediCard to acquire the Philippine HMO. The report said it will raise the value of MediCard to more than $350m