Hong Kong-based AIA Group is buying into one of the largest health maintenance organizations (HMO) in the Philippines.
AIA said it has agreed to acquire 100 percent of the shares in MediCard Philippines Inc., a provider of health insurance and healthcare services to more than 920,000 members across corporate and individual plans in the country.
“This is an exciting development for AIA Philippines, and further strengthens our position in the health and wellness space,” AIA Philippines chief executive officer Kelvin Ang said.
“The acquisition demonstrates AIA’s commitment to support our business in the Philippines, to better serve our customers, and bring to life our purpose of helping more Filipinos live Healthier, Longer, Better Lives,” he added.
The acquisition brings assets and capabilities across healthcare provision, administration and management, accelerating AIA’s integrated health strategy in the Philippines.
AIA aims to provide customers with more accessible, affordable and effective healthcare.
MediCard also provides AIA Philippines with new products, customer segments and distribution capabilities which open up significant new opportunities to deliver more personalized health insurance by deepening and broadening coverage across the combined customer base.
The HMO has an extensive medical service network of over 1,000 partner hospitals and clinics, and 26 high-quality MediCard-owned clinics located in key cities across the country that offer a broad suite of services across primary care, diagnostics, laboratory tests and minor surgeries
AIA said Nicky Montoya would continue to lead MediCard as CEO.
Montoya, whose father is among those who established the company in 1987, said the transaction takes MediCard to the next level, as AIA is globally recognized as the leading pan-Asian life and health insurer with a commitment to customer focus and an outstanding track record of delivering value creation for shareholders.