Oona Insurance Founder and CEO Abhishek Bhatia
Southeast Asian digital general insurance platform Oona Insurance has agreed to acquire the remaining 40 per cent stake in Insular Life (InLife)’s non-life joint venture Oona Philippines, making it a wholly owned subsidiary.
The acquisition enables Oona Insurance to increase its investments and continue innovating its products and platforms to fulfil its aim of becoming the digital insurer of choice in the Philippines and Southeast Asia. Both will continue cooperating to cross-sell insurance products in the Philippines.
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InLife, on the other hand, will focus on its core life insurance and healthcare business.
“As InLife moves forward to achieve accelerated growth and continue in its journey to provide customer service excellence through digital transformation and innovation, we will continue to support Oona’s plan to strengthen its presence in the Philippines,” said InLife Executive Chairperson Nina D. Aguas.
Set up in 2021, Oona Insurance has established a presence in Indonesia and the Philippines and is fully backed by a US$350 million equity commitment from Warburg Pincus. In early September, Oona launched its “Smart Flight Delay” insurance product in the Philippines to address airline cancellations and flight time delays. Subsequently, it launched Kahoona, an intermediary distribution platform equipped with an “intuitive performance dashboard”.
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InLife is a Filipino life insurance company in the country with over 113 years of service. It has a nationwide presence through its 56 branches across the Philippines.
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