Oona Insurance buys 40% stake in Philippine branch from InLife

This will make Oona the sole owner of Oona Philippines.

Insular Life (InLife) and Oona Insurance Group (Oona) have jointly declared their entry into an agreement, wherein InLife will divest its 40% stake in their non-life insurance joint venture, Oona Insular Insurance Corporation (Oona Philippines). 

This transaction will result in Oona becoming the sole owner of Oona Philippines, both entities said in a press statement. Despite the divestment, Oona Philippines and Insular Life will uphold their collaboration to cross-sell insurance products in the Philippines.

The agreement is anticipated to enhance Oona Philippines' standing in the general insurance industry, building on the series of innovations and services it introduced to the Philippine market since its establishment last year. 

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In contrast, InLife will concentrate on its core life insurance and healthcare business to sustain the positive momentum achieved in recent years. 

Recent data reveals that the life insurer climbed to the fifth position by the end of the first half of this year in terms of its new business annualised premium equivalent. InLife said it aims to bolster its scale and innovation initiatives within its operations and distribution channels to advance further in the industry rankings.