AIA PHILIPPINES has completed its acquisition of MediCard Philippines, Inc. after getting all the required regulatory approvals.

The insurer on Wednesday announced that it closed its acquisition of the health maintenance organization after receiving 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 This will go a long way towards the fulfillment of our Purpose of helping more people live Healthier, Longer, Better Lives,” AIA Philippines Chief Executive Officer (CEO) Kelvin Ang said in a statement.

“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. Filipinos can expect MediCard to provide broader, more efficient and more effective health coverage and care services in the future,” MediCard President and CEO Nicanor Cesar Bruno “Nicky” S. Montoya said.

AIA Group Ltd. announced in September 2022 that it will buy 100% of MediCard Philippines shares.

It said Mr. Montoya will continue to lead MediCard as CEO following the transaction.

The company did not disclose the value of the acquisition.

AIA Philippines had P276.73 billion in assets and recorded a net worth of P72.21 billion at end-2021, serving almost 800,000 individual policyholders and nearly 800,000 insured group members.

It booked a premium income of P16.03 billion in 2021, based on Insurance Commission data.

Meanwhile, MediCard Philippines provides health insurance and healthcare services to more than 920,000 members across corporate and individual plans.

It also has almost one million members and over 54,000 accredited doctors in over 1,000 hospitals and clinics nationwide. — A.M.C. Sy