A significant shift has occurred in the Philippine healthcare landscape as Insular Life Assurance has divested its ownership in Insular Health Care, Inc. (iCare HMO). The shares have been acquired by Value-Based Healthcare PF Pte. Ltd., a company based in Singapore, marking a new chapter for both organizations.
The sale, currently awaiting final regulatory approvals, represents a deliberate strategic move by Insular Life. The company intends to concentrate its resources and expertise on its core strengths: life insurance and tailored corporate solutions.
According to Insular Life Executive Chairperson Nina D. Aguas, this portfolio streamlining is essential. It allows the company to dedicate its full attention to areas where it can deliver the most substantial benefits to its clients and stakeholders.
iCare HMO, now poised to operate as an independent entity, expressed a renewed commitment to its core mission. The organization aims to empower Filipinos to prioritize their health and well-being.
Geronimo V. Francisco, President and CEO of iCare HMO, emphasized the company’s dedication to affordability and accessibility. In a climate of rising medical costs, iCare HMO intends to provide innovative, cost-effective healthcare solutions for families and employers.
Established in 1991 as a fully-owned subsidiary of Insular Life, iCare HMO experienced a period of strategic evolution in 2023. A partnership with Value-Based Healthcare ultimately led to the Singaporean firm gaining majority ownership.
Recent financial data reveals iCare HMO’s strong performance, reporting a net income of P355.39 million as of September 2025. This demonstrates the HMO’s established position and potential for continued growth.
Insular Life itself maintains a robust financial standing, with premium income reaching P18.46 billion in 2024 and a net income of P2.66 billion. These figures underscore the company’s stability and its capacity to pursue its focused strategy.
