AN Asian conglomerate is interested in entering the Philippine life insurance market, banking on what it sees as a lot of potential in the country, the Insurance Commission said on Tuesday.
“A foreign investor is dead set to establish a commercial presence in the Philippines. They are interested in the life insurance market,” Insurance Commissioner Emmanuel Dooc said during the Insurance Forum held in Manila. The forum was hosted by Philippine Insurers and Reinsurers Association Inc.
The insurance company is the largest conglomerate in its home country, Dooc said, but declined to identify the insurer by name.
In a separate interview, an industry source, who asked not to be named, disclosed that the conglomerate is South Korea’s Samsung Life Insurance Co. Ltd.
According to Forbes.com, Samsung Life Insurance is South Korea’s largest and most prominent insurer with a market capitalization of $17.9 billion as of May 2015.
Founded in April 1957, the Seoul-based Samsung Life is into life insurance and financial services and operates as an insurer and lender. It also manages trust funds and corporate pension funds.
Dooc noted the Philippine insurance market offers the best business environment that attracts investors to its shores.
“We have the best potential – our large population, our improving economy, and the very low penetration rate. These are the combinations that provide opportunities for investors,” he said.
Just last week, a foreign insurance company entered the Philippine market via a joint venture agreement with a local commercial bank.
EastWest Banking Corp. signed a deal with Ageas Insurance International NV to establish a new life insurance company to be called “EastWestAgeas Life.”
Ageas is an international insurance group with a heritage spanning 190 years, and ranks among the top 20 insurance companies in Europe.