MANILA – The Philippine American Life and General Insurance Co. (Philamlife) is acquiring a 51% stake in the Ayala Life Assurance Inc.

Philamlife was a unit of troubled but recovering American International Group (AIG) but has been recently transferred to AIG’s Asian life insurance unit AIA.

Ayala Life, on the other hand, is the life insurance arm of local universal banking leader, Bank of the Philippine Islands. Both are part of Ayala Corp, one of the country’s largest conglomerates.

Philamlife is the Philippine’s largest life insurer, while Ayala Life is the seventh largest.

In a joint statement on Wednesday, Philamlife and BPI announced the transaction.

They did not disclose the financial aspects of the deal.