Philamlife folded into AIG unit

In a statement released Wednesday night, AIG said Philamlife “will be retained and made part” of Hong Kong-based American International Assurance Company, Ltd. (AIA), its most lucrative asset in the region.

AIG announced on Monday that AIA, together with Delaware-based American Life Insurance Co. (ALICO), would operate independently from AIG through a restructuring program that will allow the Federal Reserve Bank of New York access to equity ownership.

Under that new plan, AIA and ALICO will be put in trusts. The arrangement serves as partial repayment, to the tune of some $26 billion, for a credit line the Fed extended the US insurer last year.

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