Philippine American Life and General Insurance Company
Encyclopedia
Philippine American Life and General Insurance Company known as Philamlife is an insurance company based in the Philippines
.
It was a member of American International Group
, but separated from the group in 2008 after it was finalized that Philamlife, American International Assurance (AIA) and ALICO (another AIG subsidiary) were placed under the administration of a Special Purpose Vehicle in exchange for the Federal Reserve Bank of New York
bailout.
On November 3, 2009, the American International Assurance (AIA Group) bought 99.78% stake of Philamlife after approval of government regulators. On November 27, 2009, the new Philamlife bought a 51% stake in Ayala Life and formed a joint venture
with the Bank of the Philippine Islands
(BPI). It was later renamed as BPI-Philam Life Assurance Corp.(BPI-Philam) in 2010.
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
.
It was a member of American International Group
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
, but separated from the group in 2008 after it was finalized that Philamlife, American International Assurance (AIA) and ALICO (another AIG subsidiary) were placed under the administration of a Special Purpose Vehicle in exchange for the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
bailout.
On November 3, 2009, the American International Assurance (AIA Group) bought 99.78% stake of Philamlife after approval of government regulators. On November 27, 2009, the new Philamlife bought a 51% stake in Ayala Life and formed a joint venture
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
with the Bank of the Philippine Islands
Bank of the Philippine Islands
Bank of the Philippine Islands is the oldest bank in the Philippines still in operation and is the country's third largest bank in terms of assets, the country's largest bank in terms of market capitalization, and the country's most profitable bank...
(BPI). It was later renamed as BPI-Philam Life Assurance Corp.(BPI-Philam) in 2010.