AIA Group Limited has agreed to acquire 100% of MediCard Philippines, Inc., enhancing its healthcare services and market presence in the rapidly growing Philippine healthcare sector.

Target Information

AIA Group Limited (the Company; stock code: 1299, together with its subsidiaries referred to as "AIA" or the "Group") announced on September 28, 2022, that it has agreed to acquire 100% of the shares of MediCard Philippines, Inc. ("MediCard"). MediCard is a leading health maintenance organization (HMO) in the Philippines, providing health insurance and healthcare services to over 920,000 corporate and individual plan members. Following the completion of the transaction, Dr. Nicky Montoya will continue to serve as the CEO of MediCard, leading the company. The deal is subject to regulatory approval and the fulfillment of other customary closing conditions.

Industry Overview

The Philippines is one of the fastest-growing healthcare markets in Asia. The significant out-of-pocket expenditures and substantial unmet service demand support a continually increasing demand for health insurance and more efficient healthcare. AIA's "Integrated Health Strategy" offers customers convenient, affordable, and effective healthcare services while enhancing the Group’s distribution channels and deepening relationships with clients to provide sustainable growth for shareholders.

MediCard focuses on the large and rapidly growing mass and emerging affluent customer segments. This acquisition will enhance AIA's capabilities in the Philippines by introducing new products,