InLife sells stake in iCare HMO

INSULAR LIFE Assurance Co., Ltd. (InLife) has sold its shares in its health maintenance organization (HMO) subsidiary Insular Health Care, Inc. (iCare HMO) to Singaporean company Value-Based Healthcare PF Pte. Ltd., it said on Monday.

The transaction is still subject to regulatory approval.

InLife said the sale forms part of its efforts to streamline its portfolio to focus on life insurance and corporate solutions.

“This realignment allows us to focus on areas where we can create the greatest value,” InLife Executive Chairperson Nina D. Aguas said.

iCare HMO said in a separate statement that it will now move forward as an independent entity.

“Our mission at iCare HMO is clear: to enable Filipinos to say yes to better health,” said Geronimo V. Francisco, president and CEO of iCare HMO. “At a time when medical inflation continues to put pressure on families and employers, we remain focused on delivering thoughtfully designed and cost-efficient healthcare solutions that make quality care accessible and sustainable.”

iCare HMO was founded in 1991 as a wholly owned subsidiary of InLife. In 2023, InLife entered into a strategic partnership with Value-Based Healthcare that led to the latter’s acquisition of majority ownership of the HMO.

As of end-September 2025, iCare HMO recorded a net income of P355.39 million, the latest Insurance Commission (IC) data showed.

Meanwhile, InLife’s premium income stood at P18.46 billion in 2024, while its net income was at P2.66 billion, based on IC data. — A.M.C. Sy