Oona Insurance is on the hunt for acquisitions across Southeast Asia after posting sharp first-half growth, with its Philippines unit up 80% in gross written premium and 200% in net income, and its Indonesian business growing premium 40% against a market that contracted by roughly 2%.
The announcement comes five months after its own private equity owner, Warburg Pincus, was reported to be exploring a sale of the company.
The group's combined ratio held at 96% across both markets, below the threshold for underwriting profitability. The Singapore-based digital general insurer operates through licensed subsidiaries in Indonesia and the Philippines.
Bloomberg reported in March that Warburg Pincus was working with Citigroup to review strategic options for Oona, including a possible sale, after receiving interest from other insurers and investment firms. Any transaction could have valued the company at several hundred million dollars, though Bloomberg noted Warburg Pincus might also decide against pursuing a deal. It is not clear whether that review has concluded.
Today's announcement makes no reference to that review. Oona said it is now actively evaluating acquisition opportunities across the region, with Indonesia and the Philippines as immediate priorities and Thailand and Vietnam next. Founder and chief executive Abhishek Bhatia said the company's market-share gains "tell you everything about the pace we're moving at."
For brokers, the ownership question matters as much as the growth numbers. Anyone placing business through Oona's Indonesian or Philippine subsidiaries, or simply watching the local carrier panel for acquisition activity, has reason to track the company's own ownership situation alongside its underwriting results.
Whether Oona ends up as the acquirer or the acquired, that uncertainty is worth factoring into any assessment of counterparty stability in these markets over the coming months.
