Formalized in October 2022, Oona Insurance is wholly owned by Aseana Insurance and backed up 100% by Warburg Pincus with a USD350 million equity commitment in partnership with Mr. Abhishek Bhatia, Founder and Group Chief Executive Officer of Oona. Through a buy-and-build strategy, Oona aims to become the pre-eminent digitally-enabled general insurance provider in Southeast Asia. It is seeded with two significant acquisitions – PT Asuransi Bina Dana Arta Tbk (“ABDA”) in Indonesia and Mapfre Insular Insurance Corporation (“MIIC”) in the Philippines, both of which have a long-standing track record and reputation in their respective markets for providing quality products and superior customer service. These assets bring Oona an initial product portfolio, strong distribution relationships, a robust infrastructure, and an immediate foothold in the region upon which to build its business. These companies will be rebranded as Oona in due course. Oona plans to establish its presence in key Southeast Asia markets with the aim of being the number one choice for partners and customers alike, based on its customer service, technology and strong brand.