To sell its PhilamCare and Philam Plans subsidiaries for an undisclosed amount

The Philippine American Life and General Insurance Company (Philamlife), that provides life insurance products and services, has agreed to sell its pre-need and health maintenance organization businesses in the Philippines to non-life insurer, Philippines First Insurance and educational institution Systems Technology Institute (STI) – reported

Philamlife, which is being folded into AIG’s independent Asian unit, AIA Group, has revealed a twofold deal to sell out its HMO unit, PhilamCare Health Systems (PhilamCare) and pre-need subsidiary, Philam Plans, for an undisclosed amount. The deal is subjected to regulatory approvals. Deutsche Bank acted as sole financial adviser to Philamlife on this transaction.

Jose Cuisia, chairman of Philamlife, said that the plan to sell PhilamCare and Philam Plans is part of our strategy to focus on core life insurance and wealth management operations as we move towards becoming part of the AIA Group, quoted