Skip to content

Insurer Giant AIA in Talks to Buy Philippine Firm MediCard, Sources Say

  • An agreement could be struck in weeks; talks are advanced
  • Acquisition could value MediCard at more than $350 million

AIA Group Ltd. is in advanced talks to acquire MediCard Philippines Inc., people familiar with the matter said, as the insurance giant seeks to boost its presence in Southeast Asia.

AIA and MediCard are finalizing the details of a transaction and could reach an agreement in the coming weeks after the Hong Kong-based insurance company outbid other insurers and investment funds, the people said. A deal could value the Philippine company at more than $350 million, the people said, asking not to be identified because the matter is private.