MANILA - A financial news website publishing a series of articles into the fallen giant American International Group (AIG) referred to the Philippine American Life and General Insurance Company (Philamlife) as one of the "hidden gems."

In a recent article, TheStreet.com featured Philamlife as part of its series of analyses on what led to AIG's "legendary mess." The overleveraged AIG received massive bailout funds from American taxpayers after a small unit engaged in toxic financial derivatives.

Despite being in a small market in Asia, Philamlife, according to the article, was "believed" to have given "AIG up to $500 million to help the parent company ride out its bankruptcy."

Philamlife, the Philippines' largest life insurer, was considered one of AIG's "surprising assets." The article also noted that "despite all the drama surrounding its parent company, it's worth noting that 99 percent of policy-holders stuck with [Philamlife]."

Aside from citing the usual measures of what makes Philamlife a significant insurer--an investment income of $2.14 billion, consolidated assets of $3.33 billion as of end-2008, among others--the unnamed author cited what else make the Philippine-based firm special: "It's also a major contributor to the country's development in the form of infrastructure projects in telecommunications and power.... Its Philam Foundation has spent $550,000 since 1997 to assist in social development in health, education, arts and culture and livelihood. The organization is also training 6,000 teachers and students in English to combat the problem of declining English proficiency."

It added that the real estate arm, Philam Properties, built the firm's 34 office buildings and that it currently owns an exclusive membership club in the country's main financial district.

"It's assets like these that make AIG such a complex business to unwind, and one of the many reasons why the notion of allowing the the insurer cannot to simply disappear is not only unwise -- it's all-but impossible," the article said.

Previously included in the list of AIG's assets for sale, Philamlife was recently lumped into American International Assurance Company, which is it slated to go public in Asia in 2010.

"Certainly, in order for AIG to decide to keep it as a subsidiary means they believe it's valuable to their portfolio," Dan Weedin of Toro Consulting was quoted saying. "As far as a global strategy for them, this would seem to be an important player, especially as Asia continues to grow as an economic power."

New York-based TheStreet.com was started in 1996 by "Mad Money" TV host, Jim Cramer. The Nasdaq-listed financial news website offers direct, in-your-face tone of its reporters and contributors.