AIG's Philippine unit to buy 51 pct of Ayala Life
Published: 26 Aug 2009 01:22:11 PSTMANILA, Aug 26 - The Philippine unit of American International Group (AIG) <AIG.N> has agreed to acquire 51 percent of Ayala Life Assurance Inc, the country's seventh largest life insurance company, a joint statement from the insurers said on Wednesday.
Philippine American Life and General Insurance Co (Philamlife), the Philippines' largest life insurer, is a unit of AIG.
Financial terms of the deal were not disclosed.
Ayala Life is the life insurance subsidiary of Bank of the Philippine Islands <BPI.PS>, a unit of Ayala Corp <AC.PS>.
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