Large Philippine General Insurer with Broad Access to Emerging Consumers
Overview
MAA General Assurance Phils., Inc. is committed to providing quality non-life insurance products and services that meet customers' requirements, and to build a culture driven towards achieving total customer satisfaction whilst ensuring optimum return on shareholders' investment.
The Group is renowned for its strict adherence to global standards in time responsiveness to insurance needs, and for its personal touch - complemented by its high-technology infrastructure - in its interactions with both corporate and individual clients.
Triple P Perspective
MAA is strategically positioned to thrive within the Philippines' promising regulatory environment and the anticipated economic growth trajectory. In a market marked by the low insurance penetration rate and rising demand for insurance products, MAA is primed to seize emerging opportunities effectively. The company's proactive stance amidst regulatory adjustments and industry consolidation underscores its dedication to sustained growth and stability over time.
We believe that our investment in MAA represents a prudent choice in navigating the evolving landscape of the financial services sector in the Philippines.
Website: maa.com.ph
Industry: Insurance Services
Deal Type: Growth & Buyout Equity, Control
Countries: The Philippines
Empowering Financial Institutions with Innovative IT Solutions
Triple P Perspective
The most successful financial services players today are consistently expanding their investments in IT, particularly around cloud-based solutions. We found that Contemi has outstanding solutions and services for participating in this high growth market. Particularly in Asia, these increased investments are vital for insurers to be able to take advantage of exciting new business partnerships and meet the customer demands of the massive digital first Gen Y and Gen Z populations.
We expect Contemi will deliver impact not only through capacity building but also by empowering local ensurers to use technology to effectively reach emerging consumers.
Overview
Contemi provides innovative end-to-end solutions for insurance, post trade and wealth management to companies in Europe and Asia. The Company is embedded in Asia, thanks to having a strong client presence in the region’s emerging markets such as Vietnam – where the company has over 80 skilled developers.
Contemi is at the forefront to developing cloud-native software solutions and also provides robust critical infrastructure.
Over the years, Contemi has built competency, developed solutions and fulfilled deliveries to many leading financial services players such as JPMorgan, WaterCircles, OCBC, CIMB, Bank of China, UBS, and many others.
Triple P value creation
“Triple P helped us put capital in the right areas which would create value in consumers’ lives, which also helps create better customer relationships… It also aligns with our main purpose, which is profit for a purpose.”
“I like the interactions with Triple P. It’s really good. There is no hidden agenda. It’s always very transparent ... I think it is very important that it’s clear what each party can expect from each other.”
Website: contemi.com
Industry: Insurance Services, Information Technology
Deal Type: Growth & Buyout Equity, Control
Countries: Vietnam, Malaysia, Indonesia, India, Singapore, Norway and the United Kingdom
A Leader in Enabling Asians to Achieve Financial Health
Overview
Amalan international offers a financial health ecosystem to build, restore and enhance financial wellness. Amalan is at the forefront of debt rehabilitation in Southeast Asia.
The company offers a full suite of credit score monitoring, debt collection protection and debt restructuring products.
The business sources clients through a digital financial product marketplace, B2B partnerships and directly through online advertising. Financial education is woven throughout the amalan experience.
Triple P Perspective
With the recent boom in credit enabled in part by digital lending solutions, Asia’s age of “easy money” has pushed significant numbers of people into over indebtedness. Covid-19 has amplified the problem.
We were thrilled to find a contrarian business - Amalan is not a lender (the rage in SEA) and Amalan works on behalf of over-indebted borrowers unlike debt collectors. Arne has also built a powerful business that minimizes customer acquisition costs and provides a path to maximize customer long term value.
Triple P value creation
“Amalan enables better financial decisions for better financial futures in emerging Asia. With the rapid emergence of digital and traditional credit products, access to financial products has outpaced financial literacy in the region.”
Website: amalan.com
Industry: Debt Restructuring
Deal Type: Growth Equity, Minority
Countries: Indonesia, Malaysia, The Philippines, and Thailand
Among the Fastest Growing Vietnamese Non-life Insurers
Overview
GIC is a leading Vietnamese property and casualty business with a strong focus on retail clients and distribution through financial partners. The Company is primarily selling credit life products but has in recent years began offering additional products through their distribution partners.
Triple P Perspective
The Vietnamese market has been growing very quickly in recent years. GIC has done an excellent job partnering with banks and other powerful distribution partners. These partnerships have allowed the Company to reach millions of emerging consumers.
Vietnam is only starting to see the aggressive market entries that Indonesia has seen. We expect increased activities in futures years which bodes well for our exit.
Triple P value creation
“Triple P has a very good understanding of the Asian market and especially extensive experience in the insurance field... Triple P has made active contributions to the business strategy, participating in projects serving the development orientation of GIC… Triple P contributes to finding solutions to promptly solve difficulties in the operations of the Company.”
Website: gic.vn
Industry: Property and Casualty Insurance
Deal Type: Growth & Buyout Equity
Countries: Vietnam
The Dominant General Insurer in Cambodia
Overview
The Forte Insurance Group is a leading player in the Cambodian and Laotian insurance markets. Forte Insurance is the dominant non-life insurer in Cambodia with over a 40% market share. Forte Life is a top 10 life insurance company that provides protection to many of the micro-borrowers in the country. Forte Lao is an up and coming non-life insurer in the Laotian market.
The group was founded almost 20 years ago and is still led by the same family and the Cambodian CEO has been with the Company since the beginning.
Triple P Perspective
The Cambodian insurance market is still relatively immature. As such insurers have a powerful developmental effect both by building resilience and pooling capital that is invested to support government development.
Forte is the premier brand in non-life insurance. Innovation is at the core of the business. The group has a number of other insurance businesses and investments each of which have high potential.
The institutional investors include one of Triple P’s largest LPs as well as other aligned funds.
Triple P value creation
“Triple P was very supportive with and vocal when it came to helping senior management think out of the box, sharing industry best practices because their founders mostly came from the insurance sector. They helped management structure a proper framework to think about business opportunities, where we could extract more growth, and to remain focused on areas that we were very strong and good at.”
Website: forteinsurance.com
Industry: Insurance
Deal Type: Growth & Buyout Equity
Countries: Cambodia & Lao