AIG to sell Philippines businesses, keep life insurance
Sunday, 6 September 2009
MANILA, Sept 5 (AFP): A Philippine unit of troubled American Insurance Group (AIG) said Friday it was selling its local health insurance and pension operations to focus on its core life insurance business.
PhilamCare Healthy Systems Inc. and Philam Plans Inc., which provide pension, education and life plans, will be sold off to Philippine companies, Philippine American Life and General Insurance Company (Philamlife) said.
A Philamlife spokeswoman told AFP PhilamCare had end-2008 assets of 794 million pesos (16.33 million dollars, 239 million pesos in stockholders equity, and revenues of 1.05 billion pesos.
PhilamCare Healthy Systems Inc. and Philam Plans Inc., which provide pension, education and life plans, will be sold off to Philippine companies, Philippine American Life and General Insurance Company (Philamlife) said.
A Philamlife spokeswoman told AFP PhilamCare had end-2008 assets of 794 million pesos (16.33 million dollars, 239 million pesos in stockholders equity, and revenues of 1.05 billion pesos.