Firms invest ₧2B in new insurance company PHL

Health and Maintenance Organization (HMO) Maxicare has merged with Pin-An Holdings Corp. and JE Holdings to launch MaxiLife, the newest life insurance company with a net worth of 2 billion pesos.

This amount, the fourth-highest paid-in capital in the industry this year, is 100 percent above the 1 billion peso capitalization requirement set by the Insurance Commission (IC) for new insurers.

MaxiLife’s net worth is based on the resources of Maxicare and its parent company Pin-An Holdings, as well as JE Holdings of the Gokongwei Group.

“This new investment in the insurance industry marks a growing confidence in the way the industry has been regulated over the past six years,” said IC Commissioner Atti. Dennis B. Funa said.

He cited that MaxiLife was the first company to be established as a new domestic life insurance company under Section 194 of the Philippine Insurance Code, as amended by Republic Act 10607.

The newly formed company will offer a variety of life insurance products that will complement HMO Maxicare’s existing services. These initially include Basic Group Life, Group Critical Illness, and Accelerated Group Critical Illness.

Leveraging Pin-An Group’s technological strengths and the ecosystems and leadership expertise of Maxicare and Gokongwei Group, customers can look forward to the latest innovations in customer experience, accessibility and affordability.

“MaxiLife gives us the opportunity to go beyond what traditional HMOs offer and bring new levels of benefits to Filipinos that they have not seen before. This fulfills our mission to help Filipinos live better lives,” said Sean Argos, President and CEO of Maxicare.

MaxiLife’s President and CEO is José Pastor Puno, who held the same position at Maxicare for ten years.

“This is an opportunity and an honor that I cannot refuse to lead a new venture that will revolutionize both healthcare and insurance in the Philippines,” he said, adding that the combination of MaxiLife and Maxicare will allow them to offer life insurance. and HMO. coverage within the same ecosystem.

MaxiLife is committed to offering coverage to current Maxicare members who receive treatment, prevention, and wellness benefits under their HMO agreements with the company, he said.

In this way, it will be built into the plans of the Maxicare group, making it convenient for the participants since they will only have to deal with one ecosystem, and ensuring that they receive the best possible assistance.

“In a traditional health or life insurance model, the risk must materialize before the consumer is entitled to any amount. For us, the value is not in waiting for a health risk to materialize, but in reducing that risk. No other insurance company can now claim this,” Puno explained.

Lance Yu Gokongwei, chairman of JE Holdings and MaxiLife, said he believes the new venture will have a “huge impact” on the country.

“We have always been proud of how our group has revolutionized and transformed industries to make life better and provide better choices. MaxiLife provides us with a great platform to create meaningful breakthroughs in healthcare delivery for Filipinos who want to invest in their physical wellbeing,” he said.