Hong Kong’s AIA to acquire MediCard Philippines

Hong Kong-based insurer AIA Group Limited is acquiring health maintenance organization (HMO) MediCard Philippines Inc. to increase its presence and take advantage of the country’s growing health insurance market.
 
In a news release posted on its website on Wednesday, AIA announced it has agreed to acquire 100% of the shares in MediCard.
 
The transaction is subject to regulatory approvals and other customary closing conditions, it said.
 
MediCard is a leading HMO in the Philippines, providing health insurance and healthcare services to more than 920,000 members across corporate and individual plans.
 
AIA said its acquisition of MediCard “brings assets and capabilities across healthcare provision, administration, and management, accelerating AIA’s Integrated Health Strategy in the Philippines.”

“MediCard 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 Philippines that offer a broad suite of services across primary care, diagnostics, laboratory tests and minor surgeries,” it said.
 
The insurer also said that Dr. Nicky Montoya will continue to lead MediCard as the chief executive officer following the transaction.
 
AIA said the Philippines is one of Asia’s fastest growing healthcare markets. 
 
“MediCard is a leading health maintenance organization in the Philippines with an established track record of high-quality services and strong brand recognition among customers and providers. 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,” said Leo Grepin, AIA’s regional chief executive and group chief strategy officer.
 
Montoya said that the “transformational transaction not only continues the founders’ legacy but definitely takes MediCard to the next level.”
 
“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,” he said. —VBL, GMA News