Buyers queue up for AIG’s Philmalife
AIG’s Philippine branch has received takeover offers from a number of companies, including Yuchengcos business group.
Jose Cuisia, CEO and president of AIG unit Philippine American Life and General Insurance CO (Philamlife) said only the Yuchengcos have made their interest publicly known.
Asked about the other offers, Cuisia refused to disclose them, saying they were ‘indicated in private’.
He added that AIG has not yet decided whether or not it will sell its Philippine unit, the assets of which total $3.6 billion.
Cuisia was keen to stress that Philamlife is one of AIG’s ‘core assets’ which it would prefer not to sell.
As well as insurance, Philamlife has interests in asset management, banking and outsourcing.
AIG, once the most valuable insurer in the world, had to be rescued earlier this month by the US government with an $85 billion loan from the US Federal Reserve.
According to the Financial Times, AIG plans to sell off at least 15 of its businesses to pay off the debt, including its aircraft leasing branch.
The Yuchengco family has been in the insurance industry since the 1930s. They own the sixth biggest bank in the Philippines, Rizal Commercial Banking Corp, as well as unlisted insurer Malayan Insurance Co. Inc.
If the Yuchengcos take control of Philmalife, they will become the biggest insurance company in the Philippines.
Category: Companies News, Insurance News
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