AIA Philippines has completed its acquisition of healthcare insurance provider MediCard Philippines, Inc.
Kelvin Ang, AIA Philippines chief executive officer, said the acquisition was completed after they received all the regulatory approvals from the Insurance Commission and the Philippine Competition Commission.
“With AIA Philippines and MediCard coming together, we will be in the best position to capture opportunities that will help us remain the leading brand that addresses the protection, long-term savings, and healthcare needs of Filipinos,” Ang said.
“This will go a long way towards the fulfillment of our purpose of helping more people live healthier, longer, better lives,” he added.
In September, Hong Kong-based AIA Group announced that it needs to fully acquire the shares in one of the major health maintenance organizations (HMO) in the country, MediCard.
Bloomberg had reported the acquisition could value MediCard at more than $350 million.
“We are excited at the work ahead as part of AIA Philippines, where we will be able to further expand our propositions, allowing us to address the ever growing needs of our customers,” Nicky Montoya, MediCard president and chief executive officer, said.
“Filipinos can expect MediCard to provide broader, more efficient and more effective health coverage and care services in the future,” he added.
MediCard has more than 920,000 members across corporate and individual plans. It also has over 1,000 partner hospitals and clinics, and 26 company-owned clinics across the country.
