Insular Life (InLife), the country’s largest and oldest Filipino-owned life insurance company, on Thursday announced its acquisition of 100 percent of Generali Life Assurance Philippines, Inc., marking a major expansion in the local insurance landscape.
The acquisition is in line with InLife’s mission to enhance its market standing and broaden its product offerings. The move is expected to generate significant business synergies, strengthen distribution channels, and expand InLife’s end-to-end corporate product suite, ultimately delivering more comprehensive solutions to its growing base of policyholders.
InLife Executive Chairperson Nina D. Aguas expressed confidence in the deal, calling it “a proud moment” for the company. “This acquisition demonstrates our capability and resolve to expand and innovate, all while staying true to our mission of serving the insuring public,” Aguas said. She also emphasized the significance of the move in showcasing InLife’s enduring strength as a 114-year-old Filipino institution, backed by a solid financial foundation and robust capital position.
“As a homegrown company acquiring a foreign entity, we see this as a strategic step to solidify our leadership in the life insurance industry,” Aguas added. “We are committed to scaling new heights in delivering exceptional value to our policyholders and the communities we serve.”
The integration of Generali Life into InLife’s operations will tap into the combined expertise of both organizations, enabling InLife to offer world-class insurance solutions to its clients. InLife’s leadership believes that the expanded capabilities will further solidify its position as a key player in the Philippine insurance market.
Generali Life, for its part, has confirmed its exit from the Philippine market, opting to refocus its efforts on regions where it has a stronger foothold. The company’s exit reflects broader strategic priorities as Generali shifts its resources toward markets where it has leading positions.
The acquisition is expected to close in the first half of 2025, pending the necessary regulatory approvals.
With this deal, InLife is poised to enhance its competitive edge, as it continues its long history of serving Filipinos with a diverse range of life insurance products and services.
Financial details were not disclosed.
