Rochester,NY 8/31/2009 10:33:19 PM
American International Group, Inc. AIG, Philippine’s unit to buy 51% of Ayala Life
American International Group, Inc.
The Philippine unit of American International Group (AIG.N) is acquiring 51 percent of smaller rival Ayala Life Assurance Inc.
Philippine American Life and General Insurance Co (Philamlife), the Philippines’ largest life insurer, is a unit of AIG.
Ayala Life, the country’s seventh-largest life insurance company, is a subsidiary of Bank of the Philippine Islands (BPI.PS), the country’s third-biggest lender by assets and a unit of conglomerate Ayala Corp.
AIG scrapped plans in March to sell Philamlife and instead decided to fold it into its Asian unit, AIA, which has more than $60 billion in assets.
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