Earlier, AIG had decided to drop the plans to sell Philamlife in March
The Philippines unit of AIG is going to purchase 51% of Ayala Life Assurance, reported Reuters.
Philippine American Life and General Insurance (Philamlife) is a unit of AIG. Earlier, AIG had decided to drop the plans to sell Philamlife in March. The insurer, instead, decided to fold it into its Asian unit, AIA, that has more than $60 billion in assets.
Ayala Life, a life insurance company, is a subsidiary of Bank of the Philippine Islands, a unit of Ayala Corporation.
Philamlife stated that it is still in the mode of integrating into AIA Group, pending regulatory approvals. The deal is also subject to approval by regulators. Deutsche Bank was the financial advisor to Philamlife and AIA for the transaction, while BPI Capital and ING were the advisors for BPI.