Unsure of the Insurers; The Declining Pre-need Industry

**LadyRider** · August 14th, 2009 01:49 PM

On a lighter note, our main concern here is more of the Filipino policyholders and clients in the Philippines.

AIG will not be responsible for Philamlife anymore since AIA has its own government based in Japan. The Japan based AIA is the mother company now for Asia.

**uls** · August 14th, 2009 01:50 PM

hindi masyado na-cover sa US media yung name change

request siguro ng USG sa mga major US media companies huwag na i-report ang name change (since the USG owns AIG)

para walang idea ang public na formerly AIG ang Chartis

if you google "aiu insurance", the first website that comes up is chartisinsurance.com

**tidus1203** · August 14th, 2009 02:01 PM

Hmmm... yeah you wanna make sure you try to stay away with

para people would have confidence. Pero kung ako personally sa MetLife na lang ako if I was in the US looking for insurance.

**LadyRider** · August 14th, 2009 02:07 PM

Originally Posted by tidus1203

Hmmm... yeah you wanna make sure you try to stay away with

para people would have confidence. Pero kung ako personally sa MetLife na lang ako if I was in the US looking for insurance.

Sir Tidus, what about New York Life? Ok ba ang company nila sa US?

**tidus1203** · August 14th, 2009 02:12 PM

No idea Ma'am Anna but I never heard bad things about them either... Actually the traditional INSURANCE company (property and life) like MetLife did not get harmed. AIG kasi played with other kinds of insurance. Complex insurance like insuring MORTGAGES (not the house, but the loan itself is being insured) dun napaso si AIG. Tapos nag-insure pa sila ng utang ng mga low credit rating borrowers (yung tinatawag nilang credit-default swap for sub-prime mortages) dun sila na-leche.

Lesson is when buying insurance buy from a company who only sells TRADITIONAL insurance and does not sell the insurance to others (aka securitizing).

**jpdm** · August 18th, 2009 08:07 AM

I hope the pre-need industry will finally recover and stabilize for the benefit of its numerous clients.

**jpdm** · August 27th, 2009 07:56 AM

Philamlife is still very much alive and kicking!

Philamlife Buys Into Ayala Life
For Bancassurance venture

Manila Times
August 27, 2009

The country’s biggest insurance firm bought a majority stake in Bank of the Philippine Island’s (BPI) life insurance unit as part of the strategic bancassurance joint venture of the two entities.

In a statement, Philippine American Life and General Insurance Co. (Philamlife) said it acquired 51 percent of Ayala Life Assurance Inc., the country’s seventh largest insurer.

Under the joint venture, Ayala Life would serve as the platform for the two companies’ banca-ssurance partnership wherein Philamlife could bring insurance distribution, product development, and innovation to the joint venture while gaining exclusive access to BPI’s customers.

Philamlife is in the process of becoming part of the AIA Group, subject to regulatory approvals. The Hong Kong-based unit of American International Group (AIG) plans to raise about $5 billion to $10 billion by listing in an Asian stock exchange to help repay a US government bailout that reached at least $180 billion.