Insular Life and Oona Insurance group jointly announced that they are agreeing with InLife to sell its 40 percent stake in their non-life insurance joint venture, Oona Insular Insurance Corporation (Oona Philippines), making it Oona's wholly-owned subsidiary. Oona Philippines and Insular Life will continue cooperating to cross-sell insurance products in the Philippines.

The agreement is expected to further boost Oona Philippines' status in the general insurance industry, building upon the series of innovations and services it has brought to the Philippine market since it set up shop in the country last year. InLife, on the other hand, will focus on its core life insurance and healthcare business to sustain the momentum it has achieved in the previous couple of years.

"As InLife moves forward to achieve accelerated growth and continue in its journey to provide customer service excellence through digital transformation and innovation, we will continue to support Oona's plan to strengthen its presence in the Philippines," said executive chairperson Nina D. Aguas.

"We are deeply grateful to InLife for being a remarkable partner during our lift-off stage over the past year, and we look forward to maintaining our cross-selling partnership with InLife going forward. We are very optimistic and believe this move will help us push for higher growth as we position ourselves to be a major player in www.myoona.ph., the Philippines' non-life insurance market," said Abhishek Bhatia, founder and chief executive officer of the Oona Insurance group.