Insurer AIA acquires healthcare firm in the Philippines

ASIA-focused insurer AIA Group said on Wednesday (Sep 28) that it has agreed to buy MediCard, which provides healthcare services in the Philippines, to expand in one of the fastest-growing healthcare markets in the region.

The deal is subject to regulatory approvals, the insurer said in a statement without giving any financial details.

MediCard is a healthcare and health service provider in the Philippines with more than 920,000 members. It has a network of over 1,000 partner hospitals and clinics, and 26 MediCard-owned clinics located in key cities across the country.

Headquartered in Hong Kong, AIA has a presence in 18 markets across the region, with China and Hong Kong accounting for bulk of its business. REUTERS