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AIG's Philippine unit on sell-off list


October 4, 2008

AIG's Philippine unit on sell-off list
The Philippine unit of American International Group (AIG) said it is among the assets being sold by the US insurer to pay off debt to the US government, reported Reuters.

Philippine American Life and General Insurance Co (Philamlife), the biggest insurer in the country, said in a statement on Friday it had been identified for divestment along with some of its subsidiaries.

"A change of ownership will not in anyway diminish policyowners' benefits and security," Philamlife CEO Jose Cuisia said. "Our policyowners and clients can be assured that their interests are protected because of the company's financial strength.


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Cuisia has said previously that several groups have expressed interest in Philamlife, including the Yuchengcos family which owns the country's sixth largest listed bank, Rizal Commercial Banking Corp, and unlisted insurer Malayan Insurance Co Inc. He did not disclose any other names.

Philamlife, which has total assets of 170 billion pesos ($3.6 billion), also has interests in banking, asset management and outsourcing.

AIG said earlier on Friday it plans to sell as many assets as needed to repay up to $85 billion of borrowings.

Once the world's largest insurer, AIG accepted a federal bailout on Sept. 16 after losses in its financial products unit drove it to the brink of collapse.

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