Results 21 to 30 of 88
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November 5th, 2008 06:14 PM #21
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November 7th, 2008 02:08 PM #22...When the government liberalized the local insurance industry, global players started to pour in the country..ING, New York Life and Pru-Life of UK...asan na kaya mga ito?
...It seems the local s still dominate the insurance industry especially pre-need...
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November 9th, 2008 11:13 PM #23
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November 10th, 2008 07:39 AM #24
Nagpa-renew pa rin ako ng insurance.... Kailangan pa rin...
6909:seehearspeak:
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November 13th, 2008 08:33 AM #25The owner of Philam, AIG is still dying.
Philam should be sold to a local insurance giant, ASAP.
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November 13th, 2008 08:39 AM #26
True faith, here is your wish for Philam
Philippine Star
Business
[SIZE=3]SM Group, Generali, Kuok Group join forces to bid for Philamlife[/SIZE]
By Zinnia B. Dela Peña
Thursday, November 13, 2008
The SM Group is teaming up with Generali Pilipinas, the local insurer of Italy’s Assicurazioni Generali, the world’s fourth biggest insurance group, and the Kuok Group of Malaysian to bid for the Philippine assets that the financially-troubled American International Group (AIG) is selling.
Generali Pilipinas is a joint venture between the SM Group and the Generali Group and the Kuok Group.
Jose T. Sio, executive vice-president of SM Investments Corp., said acquiring AIG’s assets would further fortify Generali Pilipinas’ strong position in the insurance industry. The SM group owns 40 percent of Generali Pilipinas.
Generali is the third biggest insurance group in Europe and the 30th largest company in the Fortune Global 500 worldwide ranking with a 2007 total premium income of over 66 billion.
In the Philippines, Generali’s products and services include life insurance, auto and home insurance, small and medium business protection, employee benefit plans as well as commercial property insurance. It has offices in Metro Manila, Bacolod, Baguio, Cebu, Davao and other major cities.
Meanwhile, aside from life insurance in the country, AIG has interest in banking (Philam Savings Bank), mutual funds (Philam Asset Management Inc.), pre-need (Philam Plans) and non-life insurance (Philam Insurance Co. Inc.).
Philam Insurance will not be sold as it will remain under AIG’s umbrella. It provides property and casualty insurance services for individual consumers and businesses including automobile insurance, homeowner’s packages, travel, accident and health insurance, property, third party liability, professional and management liability, marine and more.
The life insurance business in Philamlife is AIG’s crown jewel in the Philippines with a net worth of P21.4 billion as of end-2007. It has been the dominant market player in the Philippines over the last 60 years.
The sale of Philamlife is expected to take place before the end of the year at the earliest with industry observers placing a tag price of between $800 million to $1.5 billion.
Philamlife had a consolidated net worth of P49.5 billion and assets of more than P170 billion as of end-2007.
Aside from the SM Group, other entities that have signified interest to acquire Philamlife include the Ayala Group, Metrobank Group, state pension fund Government Service Insurance System and San Miguel Corp.
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November 21st, 2008 04:34 PM #27
That's my Boy!
Philamlife president and CEO Jose L. Cuisia Jr.
Philippine Star
November 21, 2008
The Philippine American Life and General Insurance Co. (Philamlife), the country’s leading life insurer, said yesterday it remains very profitable and continues to generate significant new business despite a difficult business environment.
Commenting on business conditions this year, Philamlife president and CEO Jose L. Cuisia Jr. said: “These have been very challenging times, but we have worked hard to sustain our ability to remain profitable which demonstrates the company’s resiliency and strength.”
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November 23rd, 2008 09:40 AM #28Tycoons’ banks bid for Philam Savings
By Doris Dumlao
Philippine Daily Inquirer
First Posted 03:39:00 11/21/2008
Four banks controlled by Chinese-Filipino tycoons Henry Sy, John Gokongwei and Andrew Gotianun have submitted a binding offer to acquire American International Group’s Philippine consumer banking arm Philam Savings Bank and auto financing company Primus Finance and Leasing Inc., banking sources of the Philippine Daily Inquirer said.
Banco de Oro Unibank and China Banking Corp., both controlled by the Sy family, separately made a definitive offer as the deadline expired on Monday.
The Gokongwei group’s Robinsons Savings Bank and the Gotianiuns’ East West Bank also submitted binding proposals, the sources said.
“We’re just one of the bidders,” Banco de Oro chairperson Teresita Sy-Coson told the Inquirer. “Now all we have to do is to wait.”
She said Banco de Oro’s interest in Philam Savings was part of its consumer business expansion.
Asked why Banco de Oro and China Bank were running after the same bank, she said: “We work differently.”
Banco de Oro has grown to become the country’s second-biggest bank in assets through acquisitions since 2000.
Two banks that were earlier shortlisted to bid—Asia United Bank and Chinatrust (Philippines) Commercial Bank—have dropped out of the race, banking sources said.
AIG’s consumer units have a combined book value of P1.6 billion—P1.3 billion for Philam Savings and P300 million for Primus Finance. AIG has bundled the sale of these two units, which are expected to fetch a premium over book value.
Philam Savings has a 24.5-percent stake in Primus Finance, formerly the local auto financing company of American car giant Ford, but the buyer must also pay for the remaining stake held by other affiliates.
Philam Savings Bank is 45 percent owned by AIG Consumer Finance Group (CFG) and 45 percent by the country’s biggest and most profitable insurer, Philippine American Life and General Insurance Co., which is itself also being put on sale.
Philam Savings has nine branches and P13.66 billion in total assets, based on its statement of financial condition as of end-June. Its most attractive asset is its growing credit card platform, which has 232,000 cardholders. It also has a high return on equity of 16.94 percent and a capital adequacy ratio of 13.48 percent.
The bank’s net loans and receivables amounted to P10.42 billion while deposits stood at P11.8 billion. It is capitalized at P1.29 billion.
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November 23rd, 2008 05:14 PM #30
Good morning po hingi lng po ako sna ng advise kaka bili lng po nmin ng Fortuner 2006 Gas engine...
Welcome to all owners of Toyota Fortuner ...