AIA Philippines Life and General Insurance Company Inc. expressed its optimism about its future in the country for 2023 and beyond. Their confidence stems from recent acquisitions and business growth opportunities within the local market. The insurance firm also cited the establishment of AIA Investment Management and Trust Corporation Philippines (AIAIM PH) and the acquisition of MediCard Philippines as pivotal moments for the company.
In January, the Philippine Competition Commission (PCC) approved AIA Philippines’ acquisition of MediCard, which expanded the firm’s customer base with over 920,000 members. The company believes this acquisition also puts them in a better position to seize opportunities and offer better services improved by technology, digital and analytics capabilities.
In addition to the acquisition, AIA Philippines highlights the huge protection gap, low insurance penetration rate and pandemic-induced financial insecurity among Filipinos as significant growth opportunities. AIA Philippines aims to develop product solutions that cater to customers’ needs for healthcare, protection, and long-term savings.
AIA Philippines’ Chief Investment Officer Lee Longa announced that this year the insurance firm will launch new funds that will enhance its current offerings. The company looks forward to unveiling products with guaranteed benefits and increased focus on health-specific solutions.
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