Insider Spotlight
InLife, the country’s first and largest Filipino life insurer, has completed the sale of its shareholdings in iCare HMO to Singapore-based Value-Based Health Care PF PTE. LTD., marking a strategic step to streamline its portfolio and sharpen focus on its core businesses. The transaction remains subject to regulatory approval.
The divestment reflects InLife’s broader effort to realign its business toward life insurance and corporate solutions, areas it sees as offering the greatest potential to deliver integrated and long-term value to clients nationwide.
By exiting its HMO business, the company is simplifying its structure and reallocating resources to segments aligned with its long-standing expertise.
Why it matters
Portfolio streamlining is increasingly common among insurers facing rising competition, regulatory complexity, and evolving customer needs. For InLife, the move signals a disciplined focus on businesses where it believes it can sustain scale, profitability, and differentiation, while still supporting the broader financial protection ecosystem.
What they’re saying
“This realignment allows us to focus on areas where we can create the greatest value,” Nina D. Aguas, executive chair of InLife, said in a press release on Jan. 20, 2026. “We remain committed to providing world-class insurance solutions and delivering A Lifetime for Good to Filipinos.”
The backstory
iCare HMO was founded in 1991 as a wholly owned subsidiary of InLife and remained part of the group for more than three decades. During that period, InLife backed major investments in iCare’s core systems, digital platforms, and operational capabilities.
These upgrades helped improve profitability and competitiveness, enabling iCare to climb industry rankings from 12th in 2018 to 6th in 2023.
Those gains also drew foreign investor interest, leading to a partial acquisition in 2023 and setting the stage for the full divestment announced this year.
The bigger picture
InLife’s strategy underscores a return to fundamentals. With more than 115 years of uninterrupted service, the insurer is doubling down on life insurance, financial protection, savings, and investment solutions.
The company reported an asset base of over P158.9 billion and a net worth of P44.3 billion, supported by 56 offices nationwide and a growing digital footprint.
What’s next
By streamlining its portfolio, InLife aims to enhance agility, improve capital efficiency, and deepen its focus on delivering comprehensive insurance solutions, reinforcing its position as a trusted Filipino insurer for generations to come. —Vanessa Hidalgo | Ed: Corrie S. Narisma
