Oona Insurance Eyes Southeast Asia Acquisitions With 130% Net Income Growth, Outpacing Regional Insurance Markets

SINGAPORE, Aug. 20, 2026 /PRNewswire/ -- Oona Insurance, one of Southeast Asia's fastest-growing digital general insurers, said it is accelerating its regional expansion and actively pursuing acquisitions across Southeast Asia after delivering strong first-half 2026 growth that significantly outpaced its core markets.

Less than four years after entering Indonesia and the Philippines, Oona has established itself as one of the region's fastest-growing insurers.

In Indonesia, where the general insurance market contracted by approximately 2% in H1 2026, Oona grew its Gross Written Premium (GWP) by 40%. The company maintained its position among Indonesia's top 10 motor insurers by GWP while climbing nine places to 23rd in the country's overall non-life insurance rankings.

In the Philippines, where the non-life insurance industry has historically expanded by around 10–15% annually, Oona delivered 80% GWP growth in the first half of 2026. Broad-based expansion across its multi-channel distribution model helped propel the company into the country's top 10 non-life insurers by net written premiums.

While premium growth remained strong, Oona's profitability improved even faster, signalling that the insurer's expansion strategy is translating into stronger earnings.

Oona Indonesia's net income grew 55% year-on-year in the first half of 2026, while Oona Philippines recorded 200% growth, demonstrating that strong premium growth has been matched by disciplined underwriting and improving operating leverage. The Group maintained a combined ratio (COR) of 96% across both markets, remaining below the 100% threshold for underwriting profitability — a benchmark achieved by relatively few insurers in the region.

"Breaking into the top 10 motor insurers in Indonesia by GWP and the top 10 non-life insurers in the Philippines by net written premium in less than four years tells you everything about the pace we're moving at," said Abhishek Bhatia, Founder and Group Chief Executive Officer of Oona Insurance backed by Warburg Pincus. "Growth has been broad-based, we've continued to strengthen our market position in both countries, and we're seeing strong momentum across every part of the business.

Oona's growth is being supported by Southeast Asia's structurally underpenetrated insurance markets. Insurance penetration in both Indonesia and the Philippines remains below 2% of GDP — among the lowest in Asia, leaving substantial room for long-term growth as consumers increasingly adopt digital financial services," said Bhatia.

To accelerate its next phase of growth, the company is actively evaluating acquisition opportunities across Southeast Asia. Indonesia and the Philippines remain immediate priorities, while Thailand and Vietnam represent the next phase of its regional expansion strategy.

Oona has built its technology and product architecture to integrate directly into the platforms customers already use—from e-wallets and ride-hailing apps to banks and travel platforms. Rather than asking customers to buy insurance separately, the company enables protection to be embedded naturally into existing digital journeys. For partners, this means faster integration and access to a broader range of insurance products. For customers, it means buying insurance becomes a seamless part of an everyday transaction.

"Our technology and product architecture were built around how people in Southeast Asia already buy financial services — through the apps and platforms they use every day. That allows us to move at the pace of our partners, launch new solutions quickly and scale efficiently across multiple distribution channels. It's a model that has supported broad-based growth across our business and will continue to underpin our regional expansion," Bhatia concluded.

About Oona Insurance

Headquartered in Singapore, Oona Insurance is one of the fastest growing digital general insurers in Southeast Asia, backed by global private equity firm Warburg Pincus. Established in 2022, Oona Insurance aims to become the general insurer of choice for both partners and customers through a buy-and-build strategy, leveraging the pillars of superior customer service, advanced technology and a well-established brand across Southeast Asia. The firm currently operates in two markets in the region: Indonesia and the Philippines.

In Indonesia, Oona operates through its licensed general insurance entity, PT Asuransi Bina Dana Arta, Tbk. Oona Indonesia, the unified brand of this entity, has offered quality products and services since early 2023, serving as a solid foundation for Oona Insurance's expansion across Southeast Asia's fast-growing insurance market. Oona Indonesia is licensed and supervised by Indonesia Financial Services Authority (Otoritas Jasa Keuangan).

In the Philippines, Oona Insurance Corporation (Oona Insurance Philippines) is wholly owned by Oona Philippines Holdings Corporation (OPHC). Oona offers a wide range of products, including motor, property, health, personal accident insurance and new age lines, and continues to develop solutions emerging on the back of increasing adoption of internet, e-commerce and digital payments.

With a growing regional presence, Oona is committed to expanding access to affordable, convenient, and technology-enabled insurance, helping individuals and businesses across Southeast Asia protect what matters most.

For more information on Oona Insurance, please visit: www.oona-insurance.com

SOURCE Oona Insurance