The recent re-organization at US-based AIG, the parent company of Philippine American Life and General Insurance Co. (Philamlife), will not affect its business in Asia, an AIG unit said in a recent statement.

Philamlife, which was previously on the auction block, was folded into American International Assurance Co. Ltd. (AIA), the insurance arm of AIG for several markets in Asia and the Pacific. AIA was recently spun off from the AIG umbrella for a later sale or securitization. AIA and Philamlife were previously eyed for immediate sale to help AIG, now a beleaguered financial services firm, pay off hundreds of billions of dollar-worth of emergency loans to the US government.

AIA President Mark Wilson said in a statement that the planned separation from AIA from AIG "represents a major step forward for AIA and will reinforce our position as a leading company in Asia."

He added that the new corporate structure "provides increased clarity for customers, staff, agents, regulators and all stakeholders. The planned separation of AIA from AIG seems to have been well received, which is reflected in the revised ratings by S&P (Standard and Poor).”

S&P gave an 'A+' to AIA, affirming its financial strength rating. AIA said it is financially strong with a combined solvency ratio on a pro forma basis of over 200 percent of regulatory requirements in November last year. At present, the company has more than $60 billion in assets.

"The strength of AIA’s reputation around the Asian region continues to be a key source of our resilience and solid performance. Our ongoing success is built on 90 years of experience and an unrivalled track record in the region," Wilson said.

After successfully competing its legal restructuring last month to group various AIA entities in the Asia Pacific Region, AIA said it will continue to review its stategic options, which may include an initial public offering of shares depending on market conditions.

"This structure provides increased clarity for customers, staff, agents, regulators and all stakeholders," Wilson said.

AIA is the new owner of the Philippine American Life and General Insurance Co., cancelling an ongoing bidding process in February which involved four Filipino firms and their foreign partners.

Through an extensive network of 250,000 agents and 20,000 employers across 13 geographical markets, AIA serves over 20 million customers in Asia.