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May 6, 2024

OP Finnfund Global Impact Fund I invests in the insurance sector to strengthen resilience in the Philippines

Triple P Capital, leading a group of investors, has completed the acquisition of an 85% stake in MAA General Assurance Philippines Inc. (“MAAGAP”) from MAA Group Berhad. The consortium of investors also include the International Finance Corporation (IFC), the German development finance institution DEG – Deutsche Investitions- und Entwicklungsgesellschaft MBH, Belgian Investment Company for Developing Countries SA (BIO), and OP Finnfund Global Impact Fund I. Following the completion of this acquisition, the investor group will collaborate closely with MAAGAP’s management team to strengthen the company’s presence in the Philippines and implement global best practices in corporate governance, environmental and social responsibility, risk management, and compliance. The impact investor consortium is well placed to support the digitalization and inclusive product development efforts of the Company.

MAAGAP, a prominent non-life insurer in the Philippines, provides a comprehensive range of non-life insurance products to both corporate and retail customers. The company boasts a widespread network of 12 branches and collaborates with various partners, such as agents, auto dealers, banks, brokers, and secured lending companies, to deliver top-quality insurance products to Filipinos and businesses across the country. Recognized for its prompt claim settlements, and exceptional service, MAAGAP is led by a seasoned leadership team.

Expanding the reach of non-life insurance products holds significant potential to establish robust protective measures for the Philippines’ diverse and growing population. The growth of the sector will also be fuelled by the country’s sustained economic growth, the construction of new infrastructure projects, and an increasing demand for natural catastrophic insurance. Multiple indices rank the Philippines as one of the countries most affected by extreme climate events. It has experienced highly destructive typhoons almost annually for the past 10 years.

The non-life insurance sector’s penetration rate stands at just 0.6% of the gross domestic product as of 2022. There is substantial potential for expanding the reach of non-life insurance products to provide robust protection for the diverse and growing population of the Philippines. “MAAGAP’s prudent management, strong reputation, and solid distribution position create a powerful combination,” said David Steel, the Founding Partner at Triple P Capital. “We are thrilled to collaborate with MAAGAP’s exceptional leadership team, whom we have known and respected for many years. Together, we aim to provide quality insurance products, extend coverage to more Filipinos and Filipino businesses, and build resilience against accidents, climate change, and other disasters.”

“This marks an exciting chapter in our journey, and we are eager to embark on this collaborative venture” said Martin L. Dela Rosa, President & CEO of MAAGAP, “This collaboration presents a unique opportunity for us to learn from the investors their international best practices in governance, environmental and social responsibility, risk management, and more. Together, we aim to elevate our standards, expand our reach, and contribute to the resilience of the Filipino community. This alliance reflects our shared commitment to growth, innovation, and delivering top-notch services to our clients and stakeholders.”

“A robust insurance market is critical to strengthening the Philippines’ resilience. With climate change triggering more natural disasters that pose an increasing threat, insurance protection is key to providing a safety net and stability, especially for the most vulnerable. Access to affordable insurance services allow small businesses and the poorest to bounce back financially and rebuild their lives after an unexpected loss, fostering resilient and inclusive growth,” said Jean-Marc Arbogast, IFC Country Manager for the Philippines.

“We are happy to be partnering with Triple P Capital, IFC, OP Finnfund Global Impact Fund I and BIO in this joint investment in MAAGAP. It will help address the insurance gap in the Philippines and contribute to job creation and economic growth in the country” added Pritesh Modi, Senior Investment Manager at DEG. ”The funds will also support MAAGAP on its way to raise its corporate governance structure to international standards.”

”MAAGAP’s vision and market positioning are strongly in line with BIO’s impact objectives of supporting SMEs, microentrepreneurs and other individuals in increasing their resilience to external risks, thereby helping them reach their goals”, said Olivier Toussaint, Senior Investment Officer at BIO. “We are thrilled to partner with MAAGAP’s management team and our co-investors in accompanying the Company’s next growth phase while strengthening it approach to ESG and impact”, he adds.

“MAAGAP with its microinsurance business line is well positioned to advance our mission to increase resilience also among the vulnerable people”, said Ulla-Maija Rantapuska, Senior Investment Manager at Finnfund. “The impact investor consortium is in a good position to ensure inclusion and provision of services to underserved consumers, including women, also going forward.”

Romulo Mabanta Buenaventura Sayoc & de los Angeles provided legal counsel, PwC provided financial and tax due diligence, and Milliman provided actuarial support to Triple P Philippines., SyCip Salazar Hernandez & Gatmaitan, and Deol & Gill provided legal counsel to MAA International.

More information:
Senior Investment Manager Ulla-Maija Rantapuska, tel. +358 41 536 5631, ulla-maija.rantapuska (a)


About Triple P Capital
Triple P Capital is an expert investor in Southeast Asian financial services. The firm focuses on high-growth businesses that reach emerging consumers in emerging Southeast Asia, including Indonesia, Philippines, Vietnam, Cambodia, and Thailand. In addition to delivering superior financial returns, Triple P Capital focuses on promoting financial inclusion and climate risk. The investment team consists of successful financial services entrepreneurs, operators, and investors who work closely with the firm’s partner businesses to create value. For more information, visit

About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit
Stay Connected with IFC on social media

About DEG
For more than 60 years, DEG has been financing and advising private enterprises operating in
developing and emerging-market countries. With a portfolio of around EUR 10.3 billion we’re one
of the largest private-sector development financiers. DEG, a subsidiary of KfW, contributes to creating more skilled jobs and local income and to improving value creation on the ground in line with the SDGs. Learn more:

About BIO
The Belgian Investment Company for Developing Countries (BIO) is a leading investment institution dedicated to fostering sustainable economic development in emerging markets. Through strategic investments and partnerships, BIO aims to drive positive change, create jobs, and support communities, while delivering competitive financial returns. Website:

About OP Finnfund Global Impact Fund I
OP Finnfund Global Impact Fund I is the first global emerging markets impact fund in Finland. The fund targets significant positive impacts in addition to financial return. The first two rounds of funding have raised a total of EUR 135 million. OP Asset Management Ltd, part of OP Financial Group, one of the largest banking groups in Finland, acts as a portfolio manager for the fund and OP Fund Management Company Ltd acts as an alternative investment fund manager of the fund. Finnfund, a Finnish development financier and impact investor acts as an anchor investor and advisor to the fund.


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