MAA Equity (IFC-47578)

Countries
  • Philippines
Geographic location where the impacts of the investment may be experienced.
Specific Location
The Company is headquartered in Metro Manila
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 4, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
MAA General Assurance Philippines Inc.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 17, 2024

Disclosed by Bank Aug 5, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, International Finance Corporation (“IFC”) is considering an equity investment of up to US$10 million for an up to 17% effective stake in MAA General Assurance Philippines Inc (“MAAGAP” or the “Company”) together with lead investor Triple P Advisory Pte Limited (“Triple P”, “Lead Investor”) and other development financial institutions (DFIs). MAAGAP is a non-life insurance company in the Philippines with 2% market share based on gross written premiums (GWP).

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

MAAGAP has limited exposure to clients in sectors that could potentially have a higher E&S risk profile, such as petroleum products, mining, construction, transportation, manufacturing, etc. The Project has therefore been categorized as FI-2 in accordance with IFC's Sustainability Policy. MAAGAP doesn’t have exposures to the upstream oil and gas sector. The company has exposure to coal-related projects (one coal-fired power plant), which makes up less than 0.05 percent of its total GWP. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed project is an equity investment by IFC of up to US$10 million for an effective stake of up to 17% in MAAGAP.

IFC, along with Triple P and other co-investors, will invest in a Special Purpose Vehicle (“SPV”) to be incorporated in Singapore. The SPV will in turn acquire up to 85% of the existing common stock of MAAGAP from MAAG. Hence, this will effectively be a secondary equity purchase. 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.
MAAGAP is a multi-line insurer currently with motor having the largest share of its total Gross Written Premium (GWP), followed by bond, fire, liability/general accident, marine, personal accident, and engineering insurance products. MAAG is an investment holding company listed on the Malaysian Stock Exchange.

Triple P Capital, a private equity impact fund focusing on Southeast Asian (SEA) non-bank financial institutions, has invited IFC and other institutional investors to co-invest with its Triple P SEA Financial Inclusion Fund to acquire up to 85% of the common stock of MAAGAP, from MAAGAP’s Malaysian holding company, MAA Group Berhad (MAAG).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - MAA General Assurance Philippines Inc. Client -
- - - - Triple P Advisory Pte Ltd. Investor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Triple P Advisory Pte Ltd.
David Steel
Director
+6584248703
david@3p.capital
190 Clemenceau Avenue, #06-11, Singapore, 239924
www.triplepcapital.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works