Oona Philippines Enters Top 10 Non-Life Insurers as Net Income Jumps 200%, Group Accelerates Southeast Asia Acquisition Strategy

• Less than four years after entering the Philippines, Oona has become one of the country’s fastest-growing non-life insurers, entering the Top 10 while continuing to deliver strong profitable growth.

Oona Insurance Philippines today reported an exceptional first half, with gross written premiums (GWP) increasing 80% year-on-year while net income surged 200%, reflecting the company’s ability to combine rapid growth with disciplined underwriting and improving operating leverage.

Less than four years after entering the Philippine market, Oona has also entered the country’s top 10 non-life insurers by net written premiums (NWP), reinforcing its position as one of the country’s fastest-growing insurers.

The strong performance provides a platform for Oona’s next phase of growth as the Group actively evaluates acquisition opportunities across Southeast Asia. The Philippines remains one of Oona’s highest strategic priorities as it looks to complement its organic growth with selective acquisitions that strengthen its long-term regional platform.

Abhishek Bhatia, Founder and Group Chief Executive Officer of Oona Insurance, said:

“Building a new insurance company is one challenge. Transforming an established insurer while it continues serving customers every day is a much bigger challenge. Over the past four years, that’s exactly what we’ve done in the Philippines—modernising technology, strengthening underwriting, expanding distribution and reshaping the business. 

Entering the country’s top 10 non-life insurers while increasing net income by 200% demonstrates that the transformation is delivering results. More importantly, we’ve developed capabilities that will become increasingly valuable as the industry consolidates. We’re entering the next phase of Oona’s journey, building on what we’ve achieved over the past four years while selectively pursuing opportunities to expand our presence across Southeast Asia.”

Oona’s growth has been supported by a diversified distribution model spanning digital partnerships, agency, broker, bancassurance and its direct-to-consumer business. As customer preferences continue to evolve, digital partnerships have become an increasingly important pillar of Oona’s distribution strategy, bringing insurance closer to where customers already live, travel and transact while complementing the continued strength of its agency, broker and bancassurance businesses. This balanced approach reinforces the resilience of Oona’s multi-channel distribution model.

The strength of this model was reflected in broad-based growth across Oona’s portfolio, with growth across motor, property, personal accident and health insurance. The launch of Oona’s retail health insurance offering has further broadened the company’s portfolio, allowing Oona to serve a wider range of customer protection needs while strengthening the resilience of its diversified business model.

Central to this strategy is Oona’s technology platform, which enables seamless integration with distribution partners while equipping approximately 2,000 agents with digital tools to quote, issue and service policies more efficiently. This allows Oona to work at the pace of its partners, embedding insurance directly into partner customer journeys and launching new solutions more quickly while making insurance simpler and more accessible for customers.

Ninoy Rollan, President and Chief Executive Officer of Oona Insurance Philippines, said: “The strength of our business in the Philippines has always been our ability to build meaningful partnerships. Over the past four years, we’ve built a business by combining the reach of our partners with technology that makes insurance simpler to integrate, distribute and service. At the same time, we’ve broadened our product portfolio to meet customers’ evolving protection needs, including the launch of our retail health insurance offering. Those investments have created a more diversified business today and give us confidence that our biggest opportunities are still ahead of us.”