Mutual life insurer, Insular Life Assurance Company, Ltd. (InLife), was given the green light to acquire Generali Life Assurance Philippines, Inc. (Generali Philippines), the Philippine Competition Commission said on Saturday, as the transaction would not substantially lessen competition in the relevant markets.

According to the PCC, its Mergers and Acquisitions Office (MAO) initiated a Phase 1 review of the transaction on 8 April 2025 to determine if it raises competition concerns under the Philippine Competition Act (PCA).

In a statement on Friday, InLife Executive Chairperson Nina Aguas said the acquisition represents more than just the combination of two companies, “it’s the coming together of two cultures, two legacies, and two teams committed to a common purpose,” adding that it has completed its acquisition of 100 percent of Generali Philippines.

The PCC further said that following an assessment of market conditions and a comprehensive review of submissions from both merger parties and third-party feedback, “the MAO concluded that InLife's acquisition of Generali Philippines would not substantially lessen competition in the relevant markets.”

“This finding was arrived at given the presence of significant competitive pressures from numerous existing competitors, the ease of entry into the relevant markets, and the ability of customers to easily switch between providers given the broad availability of products across various distribution channels,” the PCC’s official statement on Saturday read.

Moreover, the PCC maintained that regulatory oversight and consumer preferences, bolstered by diverse product offerings and numerous brokers, further limit incumbent firms’ ability to raise prices or diminish service quality.

The PCA empowers the PCC to review mergers and acquisitions, ensuring such transactions do not lead to a substantial lessening of competition within relevant markets or adversely affect consumer welfare.

Both InLife and Generali Philippines are licensed life insurance providers in the Philippines, offering traditional life insurance products, including individual and group coverage, with health and medical benefit riders, and standalone health insurance plans.