Dow Jones reported that American International Group, Inc. will pay PHP1.35 billion ($27.6 million) for a controlling stake in Ayala Life Assurance Inc. Bank of the Philippine Islands said that it was selling a 51% stake in Ayala Life to Philippine American Life Insurance Co., or Philamlife, for an undisclosed sum.
The stock is currently trading at $53.85 moved up about 12.56% on over 41 million shares.
About American International Group, Inc. (AIG)
American International Group, Inc. (AIG) is a holding company which, through its subsidiaries, is engaged in a range of insurance and insurance-related activities in the United States and abroad. AIG’s primary activities include both General Insurance and Life Insurance & Retirement Services operations.
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