Phinma takes over insurance brokerage unit

MANILA, Philippines — Phinma Corp., the listed diversified conglomerate of the Del Rosario Group, has taken full control of the group’s insurance brokerage arm.

Phinma said that it has completed the purchase of Phinma Insurance Brokers Inc. (PIBI) from its parent company Phinma Inc. for P150.53 million

The company acquired 2.3 million shares representing 100 percent ownership of PIBI.

PIBI is involved in developing, packaging and servicing life, non-life and HMO insurance programs.

It also deals with reputable local and global insurance companies to answer its clients’ various requirements.

In 2023, Phinma’s board approved the plan to purchase common shares owned by its parent, Phinma Inc., in the group’s operating companies for P2.3 billion.

The acquisition of the investments held by Phinma Inc. increased Phinma’s ownership in the group’s education, property development and hospitality businesses.

It has also led to the consolidation of the group’s strategic business units under Phinma, while providing a vehicle to expand core and emerging businesses.

From January to September last year, Phinma’s revenues rose to P16.98 billion, while net income attributable to shareholders of the parent stood at P122.73 million.

While the company’s attributable net income was down from the same period in 2023 due to lower selling prices and higher operating costs, interest expense and tax, it is a turnaround from the net loss attributable to equity holders of the parent in the first half of P22.1 million.