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  1. Join Date
    Feb 2008
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    478
    #141
    Quote Originally Posted by tidus1203 View Post
    Future in terms of survival sure but I don't see growth prospects that will get anyone excited with this industry so in the sense for the buyer of Philam is Philam a gold mine that I can make a lot of money on. I doubt it...
    on a short term basis, yes i agree with you. and in the long run, i still believe it will. i haven't heard yet of a traditional insurance company folding up, not in the philippine experience at least.

  2. Join Date
    Sep 2006
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    4,488
    #142
    Sino kaya ang nanalo sa bidding? baka nagback out na lahat

  3. Join Date
    Sep 2006
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    #143
    AIG holds off Philamlife sale: report

    abs-cbnNEWS.com | 03/03/2009 12:20 PM

    In a surprise move, AIG has decided to retain its Philippine unit Philamlife.
    With this, the bidding for Philamlife assets may no longer push through.
    AIG had hoped to sell some of its businesses worldwide in order to repay loans from the US government.
    Sources said AIG has decided to hold off the sale of its Asian businesses as the offers it received fell short of what it considers to be fair market value.

    At least four groups are reported to have submitted bids for Philamlife before the February 25 deadline.
    ABS-CBN News Channel (ANC) tried to get a reaction from Philamlife President Jose Cuisia, but Cuisia said he can't confirm nor deny the news.
    "I can't confirm nor deny because I'm not allowed to do so under the directives of AIG and the Federal Reserve Bank of New York," he said. – report from ANC

    as of 03/03/2009 12:21 PM
    Hindi na matutuloy ang benta, kaya walang panalo sa bidding

  4. Join Date
    Nov 2005
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    45,325
    #144
    the AIG mothership decided not to go thru with the asset sales coz it knows it can't get the prices it wants in this environment

  5. Join Date
    Jun 2007
    Posts
    814
    #145
    Add to that, PhilAm is posting net profits. So why sell your assets that generate income?

  6. Join Date
    Feb 2008
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    14,181
    #146
    Because Philam even though making money is small peanuts compare to the motherships gargantuan near $100B loss. $100B is already the GDP of Kuwait hehehehe... They gotta sell everything to pay their debt and obligations and that might not even be enough. THE USG is pouring a lot of money on this fat zombie but its still hungry...

  7. Join Date
    Nov 2005
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    #147
    ya what's Philam if you're talking about the AIG mothership?

    Philam is so small that it doesnt even get mentioned in AIG's restructuring plans

    they only mention AIA when referring to their asian life insurance business

  8. Join Date
    Sep 2006
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    4,488
    #148
    Quote Originally Posted by uls View Post
    ya what's Philam if you're talking about the AIG mothership?

    Philam is so small that it doesnt even get mentioned in AIG's restructuring plans

    they only mention AIA when referring to their asian life insurance business
    According to news report, AIG now combines Philam with AIA

  9. Join Date
    Nov 2005
    Posts
    45,325
    #149
    outside of Japan (Alico Japan, AIG Edison, AIG Star), AIG refers to AIA as its asian business

    they don't care to mention Philam separately

    it's not important enough to mention

    --

    AIG stops all talks with bidders

    AIG Halts Talks, Data Access for Bidders of Life Unit
    http://www.bloomberg.com/apps/news?p...btg&refer=home
    March 4 (Bloomberg) -- American International Group Inc. told employees the company suspended talks to sell a life insurance unit spanning 50 countries and is preparing to take the business public as early as next year.

    AIG has halted “active communications” with two unnamed bidders for American Life Insurance Co. and closed the so-called data rooms providing access to financial data, Dennis Vigneau, the unit’s chief financial officer, said yesterday during an employee meeting and conference call in Wilmington, Delaware. MetLife Inc. made a preliminary offer of $11.2 billion for Alico and Axa SA put in a bid that excluded Japanese operations, three people familiar with the matter said last month.

  10. Join Date
    Feb 2008
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    14,181
    #150
    Well for Philam I think its in their best interest that they get sold to someone more stable and stay away from AIG like the plague... But looks like they will be integrated with AIA (AIG's Asian unit).

AIG facing liquidity crisis!