Triple P Capital acquires 85% stake in MAAGAP

The investing group aims to boost its presence in the Philippines.

Triple P Capital, a consortium of investors, has successfully acquired an 85% stake in MAA General Assurance Philippines Inc. (MAAGAP) from MAA Group Berhad. 

The consortium includes the International Finance Corporation (IFC), DEG - Deutsche Investitions- und Entwicklungsgesellschaft MBH, Belgian Investment Company for Developing Countries SA (BIO), and OP Finnfund Global Impact Fund I.

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The investor group aims to strengthen MAAGAP's presence in the Philippines and implement global best practices in corporate governance, environmental and social responsibility, risk management, and compliance.

The partnership with Triple P Capital and other investors aims to address the insurance gap in the Philippines, promote job creation, and support economic growth, a joint statement said.