The Philippine Competition Commission (PCC) has cleared The Insular Life Assurance Company, Ltd.’s (InLife) proposed acquisition of Generali Life Assurance Philippines, Inc. (Generali Philippines).
The Commission, in its decision on 7 May 2025, determined that the transaction would not substantially lessen competition in the relevant markets.
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.
The PCC 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).
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 in view of 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.
Moreover, 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 welfar
