AIG Plans to Sell PHILAMLIFE and its Affiliates
I am deeply saddened by the news that American International Group (AIG) is planning to sell its unit in the Philippines - The Philippine American Life And General Insurance Company (Philamlife).
I used to work in this company right after I graduated from college as Telemarketer back in 1999 in its Marketing Department for almost a year. After my contract, PhilamCare Health Systems, Inc. (a Health Maintanaince Organization/HMO), employed me as a Department Secretary at the Marketing and Sales Department from 1999 - 2002. From then on, I was promoted to being a Process/Business Analyst and just had to leave the company in 2004 as I migrated here in the United States.
Working for the Philam Group of Companies was absolutely one of the most valuable life experiences I have had. All the knowledge and morale I have acquired and the friendships I have earned are of inestimable worth as they sure have geared me to have become the person that I am now — be it on the personal aspect of my life or the development of my career path! And just seeing the video I have posted below (specifically the parts where Philamlife building and PhilamCare clinic along UN Avenue in Ermita, Manila are being shown) brought back a numerous amount of very good memories while I was still engaged in these companies.
As a Filipino, it may be frightening to know that a 170 billion Peses worth of assests in the Philippines is in a somewhat wobbly state but I am profoundly hoping that Philamlife will be able to recover from it. I wish nothing but goodluck to my fellow Lifers and to Mr.JLC himself.
AIG Plans Sale of Philamlife
Saturday, October 4, 2008
(Courtesy of Philstar.com)
In a statement, AIG said it will refocus on its core and casualty insurance business and pursue investors to acquire minority interests in their other business units.
It said Philiamlife has been identified for possible sale along with some of Philamlife’s affiliates.
Philamlife, the largest and most profitable insurance company in the country and the undisputed market leader for over 60 years, is a crown jewel for AIG, making it an attractive acquisition for local and international buyers.
AIG said its divestnment decision is not a reflection of their subsidiaries’ business or historical performance.
“AIG’s subsidiaries in the Philippines remain financially strong, well-capitalized and comply with local regulatory capital requirements,’’ AIG said.
Philamlife president and CEO Jose L. Cuisia Jr. said: “Philamlife remains to be a stable and strongly capitalized organization. Our policy owners and clients can be assured that their interests are protected because of the company’s financial strength. A change of ownership will not in any way diminish policy owners’ benefits and security. We will remain focused on daily execution of our business and continue to provide our policy owners and clients with the highest level of service.’’
Philamlife has consolidated assets of P170 billion and consolidated stockholders’ equity of P49.5 billion. In 2007, revenues amounted to P36.7 billion, reflecting a 14-percent growth from a year ago.
http://www.youtube.com/watch?v=66DfpPnMo5c
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