More foreign companies are likely to enter the insurance business in the Philippines as the final tranche of the increase in capital requirement – a move that would impact small local firms – nears implementation.
Insular Life (InLife) has entered into a joint venture agreement with Oona Philippines Holding Corp. to take the full control of Mapfre Insular Insurance Corp. (MIIC).
In statement, Nina Aguas, InLife executive chairperson, said the Filipino-owned life insurance firm increased its stake in MII