Insular Life raises P2.4B from partial sale of Union Bank stake

The largest Filipino insurer has cashed in on some of its holdings in Union Bank of the Philippines (UBP).

The Insular Life Assurance Company, Ltd. (InLife) sold a total of 31.161 million UBP shares at a price range of P73 to P81.77 from November 9 to 28.

The sale reduced InLife’s stake in UBP to 12.28 percent from 1.74 percent.

UBP is currently trading at a quarter off from its all-time high of P105.76 from February 2022.

UBP posted P4.031 billion net income in the third quarter of 2022, up 68 percent from P2.4 billion the previous year.

READ MORE:

Insular Life unloads P2.4B Union Bank shares in October

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