InLife has completed the sale of its remaining shareholdings in health maintenance organisation iCare HMO to Singapore-based Value-Based Health Care PF PTE. LTD. (VBHC), in a deal that will result in the Filipino insurer’s full exit from direct HMO ownership, subject to regulatory approval. The transaction involves InLife’s residual interest in iCare, following an earlier partial acquisition by foreign investors in 2023 that reduced the life insurer’s control of the unit.
InLife described the disposal as part of an ongoing review of its business mix and capital deployment priorities in the Philippines, with a view to concentrating on life insurance and corporate solutions. “This realignment allows us to focus on areas where we can create the greatest value. We remain committed to providing world-class insurance solutions and delivering A Lifetime for Good to Filipinos,” said InLife executive chairperson Nina D. Aguas. iCare HMO was created in 1991 as a wholly owned subsidiary of InLife and has operated in the Philippine healthcare market for more than 30 years. Over that period, InLife funded upgrades to iCare’s core administration systems, digital tools, and operating processes. According to the group, iCare’s profitability improved, and its industry ranking moved from 12th in 2018 to 6th in 2023, developments that preceded interest from foreign investors and the 2023 partial sale.
iCare currently serves more than one million members nationwide. Under VBHC’s ownership, the company is expected to continue operating in the Philippine HMO segment, using the infrastructure and networks developed while under InLife. For insurance executives in Asia, the deal illustrates one approach to separating HMO or medical operations from a life insurer’s balance sheet, while still allowing the parent group to participate in health-related offerings through group benefits, riders, or partnerships.
The divestment of iCare coincides with InLife’s stated plan to emphasise life insurance and group solutions for employers. The insurer has been directing more attention to individual protection and savings products, as well as workplace-based benefits, while making use of external or affiliated health service providers. “The launch of InLife Benefits brings a clearer, more intentional focus to our mission. By streamlining our portfolio to prioritize life insurance and corporate solutions, we are better positioned to provide the agility and depth of service that Filipino businesses require. This drives our goal of delivering a more seamless experience for our partners, and ensuring that we give a Lifetime for Good to our stakeholders,” Aguas said, referring to the group’s employee benefits arm. The move comes at a time when a number of life insurers in Asian markets are reassessing the structure of their medical and HMO exposure, with some placing greater emphasis on group life and accident and health riders distributed via employers.
Following InLife’s full acquisition of Generali Philippines in May 2025, the acquired business was rebranded as InLife Benefits Insurance Company, Inc. and now operates as the group’s dedicated employee benefits and corporate solutions platform. InLife Benefits president and CEO Noemi G. Azura said the rebrand formalises the company’s role in serving employer clients. “This milestone is more than a rebrand – it is a reaffirmation of our purpose to meet the changing needs of today’s workforce,” Azura said.
InLife Benefits provides employee benefits and healthcare programs to small and medium-sized enterprises and multinational companies across the Philippines. Its offering includes access to a medical provider network, 24/7 Call-A-Doc telemedicine, medicine reimbursement, mental health consultations, wellness initiatives, and digital portals for members, HR teams, intermediaries, and medical providers. The company also offers a Voluntary Employee Benefits program that allows employees or principal members to extend coverage to immediate and extended dependents, including parents, siblings, in-laws, nieces, and nephews, from two weeks to 75 years old. “For Filipinos, protection naturally extends from the workplace to the family. By allowing coverage for extended dependents, we help ensure that care, protection, and peace of mind reach the people who matter most,” Azura said.
To support its positioning in the workplace benefits segment, InLife Benefits has appointed media personality and entrepreneur Robi Domingo as brand ambassador, fronting campaigns related to employee well-being and protection. The company is gradually rolling out the InLife Benefits name and visual identity across policies, member cards, and digital channels. A new website is scheduled to go live in February, with the digital platform intended to serve employers, intermediaries, and covered members in the Philippine market.
