AIA Group has agreed to fully acquire MediCard Philippines, a health maintenance organisation that provides health insurance and healthcare services to more than 920,000 members across corporate and individual plans.
Following the transaction, which is subject to regulatory approvals and other customary closing conditions, Dr Nicky Montoya will remain as MediCard’s CEO.
According to AIA, the Philippines is one of the fastest-growing healthcare markets in Asia. It has a growing need for health insurance due to high out-of-pocket expenditure and significant unmet service demand.
Established by 1987, MediCard’s medical service network now spans over 1,000 partner hospitals and clinics, and it also owns 26 clinics located in key Philippine cities. These clinics provide services such as primary care, diagnostics, laboratory tests and minor surgeries.
Under its new ownership, MediCard will become part of Amplify Health, AIA’s new health insurtech business. According to AIA, this will provide customers with personalised health insurance that is fully integrated with end-to-end healthcare services, including telemedicine, personalised disease management programmes and holistic case management and support.
“AIA is globally recognised 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,” Montoya said. “We are confident that with the support of AIA’s unrivalled experience, scale, reach and unique capabilities, MediCard will create an even better experience for our customers, who will benefit from broader, more efficient and more effective health insurance and care services in the future.”
“MediCard is a leading health maintenance organisation in the Philippines with an established track record of high-quality services and strong brand recognition among customers and providers,” said Leo Grepin, AIA regional CEO and group chief strategy officer. “With a focus on comprehensive, affordable and quality healthcare, MediCard brings new customer segments, healthcare assets and capabilities that will help accelerate AIA’s integrated health strategy in the Philippines.
“This is the right time for AIA to play a leading role in making health insurance and healthcare more accessible, more affordable and more effective in the Philippines, helping many more people live healthier, longer, better Lives and delivering long-term sustainable value creation for our shareholders.”
