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Insurer AIA Acquires Healthcare Firm in the Philippines

HONG KONG, Sept 28 (Reuters) - Asia-focused insurer AIA Group Ltd said on Wednesday that it has agreed to buy MediCard, which provides healthcare services in the Philippines, to expand in one of the fastest-growing healthcare markets in the region.

The deal is subject to regulatory approvals, the insurer said in a statement without giving any financial details.

MediCard is a healthcare and health service provider in the Philippines with more than 920,000 members. It has a network of over 1,000 partner hospitals and clinics, and 26 MediCard-owned clinics located in key cities across the country.

Headquartered in Hong Kong, AIA has a presence in 18 markets across the region, with China and Hong Kong accounting for bulk of its business.

Reporting by Selena Li; Editing by Himani Sarkar

Source: Reuters


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