Oona Insurance Group, backed by Warburg Pincus, has announced its acquisition of a 40% stake in Oona Insular Insurance Corporation (Oona Philippines) from Insular Life (InLife), making it a wholly-owned subsidiary. The financial terms of the deal were not disclosed. Launched in 2022 with a USD350m commitment from Warburg Pincus, Oona Insurance is a Southeast Asia-focused digital general insurance platform, initially formed with acquisitions in Indonesia and the Philippines. Oona Philippines, offering various insurance products, is considered a key market for Oona Insurance. The company recently introduced innovative products in the Philippines, including “Smart Flight Delay” insurance. Post-acquisition, Oona Philippines will continue collaborating with Insular Life to cross-sell products.