Philamlife is
being sold as
part of a
divestment
program by its
troubled parent
AIG to pay off an
US$85 billion
bailout loan from
the US
government.
being sold as
part of a
divestment
program by its
troubled parent
AIG to pay off an
US$85 billion
bailout loan from
the US
government.
| All rights reserved. Filipino Globe |
Philamlife assures clients on planned sale
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| n a t i o n a l |
filglobe.com
filipino globe online edition
Insurer says it has adequate resources to meet obligations
JOSE MARCELO HONG KONG
Philamlife officials have allayed fears of thousands of Hong Kong-based
policyholders over the insurer’s impending sale amid a credit crunch that
nearly caused the collapse of AIG, its US-based parent.
Filipino planholders have grown anxious after AIG announced it was selling
key assets, including Philamalife, to pay for an US$85 billion loan from the
federal government that allowed it to escape bankruptcy.
JOSE MARCELO HONG KONG
Philamlife officials have allayed fears of thousands of Hong Kong-based
policyholders over the insurer’s impending sale amid a credit crunch that
nearly caused the collapse of AIG, its US-based parent.
Filipino planholders have grown anxious after AIG announced it was selling
key assets, including Philamalife, to pay for an US$85 billion loan from the
federal government that allowed it to escape bankruptcy.
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Financial
journalist
Bayani Cruz
examines what
it means to
policyholders
Full Report
journalist
Bayani Cruz
examines what
it means to
policyholders
Full Report
Top officials were quick to assure millions of
Filipino policyholders, including those based
in Hong Kong, that these developments would
not affect the insurer’s ability to fulfill its
obligations to clients.
“All our policyholders are assured that their
policies will remain intact and safe,” said
Herzon Ignacio of Philamlife’s Manila office in
an email to the Filipino Globe.
His statement echoed assurances made by
Philamlife president and chief executive Jose
Filipino policyholders, including those based
in Hong Kong, that these developments would
not affect the insurer’s ability to fulfill its
obligations to clients.
“All our policyholders are assured that their
policies will remain intact and safe,” said
Herzon Ignacio of Philamlife’s Manila office in
an email to the Filipino Globe.
His statement echoed assurances made by
Philamlife president and chief executive Jose
Cuisia Jr who in a message to policyholders said: “Be reassured that
Philamlife is strong and well-capitalised.
“Financial issues pertaining to our parent company do not affect our ability to
pay claims and underwrite new policies.”
Insurance plans are popular among overseas Filipino workers, with the bulk
of their savings going to life, medical and pension plans for themselves as
well as educational insurance for their children.
Ignacio estimates that Philamlife has about 50,000 policyholders in Hong
Kong alone.
“They are worried about what will happen to their money,” Eman Villanueva,
secretary-general of the United Filipinos in Hong Kong. “Many have paid for
educational insurance to make sure their children are able to go to university,
or put money into a pension plan.”
Cuisia assured policyholders that Philamlife’s net worth of P49.5 billion (as of
December 31, 2007) and its over P170 billion in assets “are more than
sufficient to secure your family’s future.”
Cuisia said AIG is seeking top-rated, financially strong buyers :that would
continue Philamlife’s legacy of leadership, strength, stability and dedication to
its policyholders.”
Villa also furnished Filipino Globe a statement from the Office of the
Insurance Commissioner dated September 16 affirming that “Philamlife, with
its vast resources, is fully capable of meeting its obligations and
commitments to its clients.
“Philamlife remains to be the largest insurance company in the Philippines
with the strongest balance sheet in the country.”
Philamlife is strong and well-capitalised.
“Financial issues pertaining to our parent company do not affect our ability to
pay claims and underwrite new policies.”
Insurance plans are popular among overseas Filipino workers, with the bulk
of their savings going to life, medical and pension plans for themselves as
well as educational insurance for their children.
Ignacio estimates that Philamlife has about 50,000 policyholders in Hong
Kong alone.
“They are worried about what will happen to their money,” Eman Villanueva,
secretary-general of the United Filipinos in Hong Kong. “Many have paid for
educational insurance to make sure their children are able to go to university,
or put money into a pension plan.”
Cuisia assured policyholders that Philamlife’s net worth of P49.5 billion (as of
December 31, 2007) and its over P170 billion in assets “are more than
sufficient to secure your family’s future.”
Cuisia said AIG is seeking top-rated, financially strong buyers :that would
continue Philamlife’s legacy of leadership, strength, stability and dedication to
its policyholders.”
Villa also furnished Filipino Globe a statement from the Office of the
Insurance Commissioner dated September 16 affirming that “Philamlife, with
its vast resources, is fully capable of meeting its obligations and
commitments to its clients.
“Philamlife remains to be the largest insurance company in the Philippines
with the strongest balance sheet in the country.”
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