The case was originally filed against Charter Ping An Insurance Corp., which later became part of the Ty family-backed AXA Philippines Life and General Insurance Corp. after AXA acquired the insurer in 2016 and fully absorbed its liabilities through a merger completed in 2022.
Vitarich is a Philippine agribusiness firm engaged in animal feeds manufacturing and poultry production, supplying poultry growers and farms nationwide.
Court battle
After Ondoy, Vitarich filed an insurance claim worth P316.56 million, but said the insurer failed to pay the full amount.
AXA inherited the dispute when it acquired Charter Ping An, and by late 2022, formally assumed all legal obligations tied to the case.
Settlement sealed
In a stock exchange filing on Monday, both sides agreed to a P400 million compromise settlement, with AXA making no admission of fault.
The agreement was approved by Vitarich’s board and signed by president and CEO Ricardo Manuel M. Sarmiento, and takes effect on Dec. 19, 2025.
What the payout means for Vitarich
Vitarich said the settlement will add about P196 million to net income and generate P267 million in net cash flow.
The company expects the payout to significantly improve liquidity and finally close a case that has weighed on its finances for more than a decade.
—Edited by Miguel R. Camus
