OONA Insurance Corp. (Oona Insurance Philippines) booked higher gross premiums written (GPW) and net income in the first half, driven by its digital distribution model.

Gross premiums written grew by 80% year on year, while net income surged 200%, the insurer said in a statement on Thursday. The results were supported by disciplined underwriting and improving operating leverage.

The performance placed the company among the top 10 nonlife insurers in the country based on net written premiums, it said.

Oona's Philippine business itself began with an acquisition: the group took over and rebranded the former BPI/MS Insurance Corp., once a nonlife venture between Bank of the Philippine Islands and Japan's Mitsui Sumitomo Insurance.

"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," the company said.

Growth was supported by the company's digital partnerships, agency, broker, bancassurance, and direct-to-consumer businesses.

"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," it said.

The emphasis on digital channels reflects a broader shift in Southeast Asian insurance, where more policies are being distributed through digital platforms alongside traditional agency and bank networks.

This drove broad-based growth across its motor, property, personal accident and health insurance products. Motor cover is traditionally the largest segment of the Philippine nonlife market.

"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," the company added.

Oona Insurance Philippines also said its technology platform has streamlined product distribution, making insurance more accessible.

"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," Oona Insurance Philippines President and Chief Executive Officer Nicasio F. Rollan III said.

"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," he added.

"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 — modernizing technology, strengthening underwriting, expanding distribution and reshaping the business," Oona Insurance Founder and Group Chief Executive Officer Abhishek Bhatia said.

"Entering the country's top 10 nonlife 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," he said.

The Philippine nonlife insurance market remains fragmented among dozens of licensed players, and any acquisition of a local insurer requires approval from the Insurance Commission, the industry's regulator.

According to Insurance Commission data, Oona Insurance Philippines' gross premiums written stood at P2.08 billion in 2025 (ranked 22nd), while net premiums written was at P1.71 billion (ranked 17th). The company booked a net loss of P83.38 million that year. — A.M.C. Sy