AIA Group completes acquisition of Philamlife

Posted at 12/18/2009 4:12 PM | Updated as of 12/18/2009 7:50 PM

MANILA, Philippines - AIA Group Limited announced on Friday that it has completed its acquisition of the Philippine American Life and General Insurance Company (PhilamLife)

Philamlife was a former unit of beleaguered financial giant American International Group, Inc. (AIG)

The sale of AIG's Asian units, including Philamlife, was not pushed through after it was decided that the Asian assets be consolidated under AIA Group.

AIA acquired 99.78% of Philamlife on 3 November 2009.

The transaction has received the relevant regulatory approvals.

Philam Life, established in 1947, is the leading life insurer in the Philippines. It has the widest network of offices and the largest number of agents. It offers an extensive portfolio of products and services to meet the needs of its customers. Recognizing the strong brand equity built over the past 60 years, Philam Life will retain its existing brand.