Philamlife to acquire 51% of Ayala Life

PHILIPPINE AMERICAN Life and General Insurance Co. (Philamlife) has entered into a deal to acquire a 51-percent stake in the Ayala Group’s life insurance business to form a formidable bancassurance venture with local banking giant Bank of the Philippine Islands.

The biggest and most profitable insurance company in the country, a crown jewel that was earlier put up for grabs by the American International Group, has turned into an acquirer of a majority stake in BPI subsidiary Ayala Life Assurance Inc. (Ayala Life).

Under an agreement announced yesterday, Ayala Life will serve as the platform for BPI and Philamlife’s strategic bancassurance partnership.

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