Insular Life (InLife) has completed the sale of its shareholdings in iCare HMO to Singapore-based Value-Based Health Care PF Pte. Ltd. (VBHC), marking a decisive step in the insurer’s long-term strategy to streamline operations and double down on its core strengths. The transaction remains subject to regulatory approval.
The divestment underscores InLife’s sharpened focus on life insurance and corporate solutions, businesses where it believes it can deliver deeper value and more integrated offerings to clients nationwide.
Management said the move will allow the company to channel capital, leadership attention, and innovation toward products that address Filipinos’ evolving protection and savings needs.
“This realignment allows us to focus on areas where we can create the greatest value,” Executive Chairperson Nina D. Aguas said. “We remain committed to providing world-class insurance solutions and delivering A Lifetime for Good to Filipinos.”
Founded in 1991 as a wholly owned subsidiary of InLife, iCare HMO spent more than three decades under the insurer’s wing.
Over that period, InLife backed major investments in iCare’s core systems, digital platforms, and operating processes. Those upgrades translated into stronger profitability and a notable rise in industry standing, with iCare climbing from 12th place in 2018 to sixth in 2023.
The HMO’s turnaround and growth did not go unnoticed. Improved performance attracted foreign investor interest, leading to a partial acquisition in 2023 and ultimately the full sale announced this month.
Today, iCare HMO serves over one million members across the country. As it enters a new chapter under VBHC, the company continues to build on the operational foundations and market presence established during its long partnership with InLife, while InLife sharpens its focus on its next phase of growth.
