MANILA -The local unit of Hong Kong-based insurance company AIA Group Ltd. said it was bullish about its business in the country for 2023 and beyond, drawing optimism from its recent acquisitions, as well as a number of growth opportunities in the domestic market.
AIA Philippines Life and General Insurance Company Inc. (AIA Philippines) cited the recent launch of AIA Investment Management and Trust Corporation Philippines (AIAIM PH) and acquisition of MediCard Philippines, saying these business units were instrumental in establishing them as a leading brand in the country.
The MediCard acquisition puts AIA Philippines in a better position to capture business opportunities and improve its services supported by technology, digital and analytics.
In January, the Philippine Competition Commission (PCC) approved AIA Philippines’ acquisition of MediCard, seeing no anti-competition issues with the transaction.
The acquisition brought MediCard’s more than 920,000 members across corporate and individual plans to the table, expanding further the customer base of AIA Philippines.
“With AIA and MediCard in the Philippines coming together, we will become the healthcare partner of choice for Filipinos. We are committed to work together to make healthcare more accessible, more affordable and more effective for everyone,” said newly-appointed MediCard Philippines chief executive officer Julian Mengual.
Aside from these key acquisitions driving the company’s growth, AIA Philippines also cited significant growth opportunities presented by the huge protection gap, low insurance penetration rate, and the financial insecurity among Filipinos created by the pandemic.
The company said these growth opportunities will be met by creating product solutions that will cater to the customers’ needs –healthcare, protection and long-term savings, among others.
“This year, we will launch new funds that will enhance our current offerings, as well as products with guaranteed benefits, also more health-focused products that will strengthen the propositions from AIA Philippines and MediCard,” said AIA Philippines chief investment officer Lee Longa.