San Miguel Corp. (SMC) is spending P3 billion in Petrogen Insurance Corp., a wholly-owned Petron Corp. insurance firm, it said in a statement to Philippine Stock Exchange (PSE).

The firm’s board of directors authorised the investment in Thursday’s conference, SMC said in regulatory filing.

“In addition to Petron’s existing indirect equity stake, the business would have clear equity interest in Petrogen Insurance Corporation,” the firm said in a statement.

SMC added that the infusion will broaden its insurance sector in the region.

Petrogen Insurance, Petron’s unit, offers insurance and reinsurance, without life insurance, for sea and land; for buildings, products and merchandise; for shipping or transportation; and against burning, earthquake, maritime hazards and injuries.

Petron’s parent company’s stock increased by 1 percent to end at P4.01 on Thursday.

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