InLife exits HMO business with iCare sale

MANILA, Philippines – Insurance giant Insular Life Assurance Co., Ltd. (InLife) has completed the sale of its health maintenance organization (HMO) arm, marking its exit from the HMO business after more than 30 years.

In a statement on Monday, the life insurer said it sold its stake in iCare HMO to Value-Based Health Care PF PTE. LTD. (VBHC) of Singapore as part of its efforts to streamline its portfolio and focus on life insurance.

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“This realignment allows us to focus on areas where we can create the greatest value,” InLife Executive Chairperson Nina Aguas said.

“We remain committed to providing world-class insurance solutions and delivering A Lifetime for Good to Filipinos,” she added.

InLife’s net income stood at P2.7 billion in 2024, supported by a rise in revenues to P26.95 billion.

HMP

The move now makes iCare as an independent HMO, coinciding with its 35th anniversary.

Founded in 1991 as a wholly owned subsidiary of InLife, iCare HMO underwent extensive modernization in recent years, including upgrades to its core systems, digital platforms, and operations. 

These improvements helped iCare rise to 6th place among Philippine HMOs in 2023, attracting a partial acquisition by foreign investors that same year.

“At a time when medical inflation continues to put pressure on families and employers, we remain focused on delivering thoughtfully designed and cost-efficient healthcare solutions that make quality care accessible and sustainable,” iCare President and CEO Geronimo Francisco said in a separate statement.  INQ