AIG aborts sale of Philamlife -- sources

[honey2723]

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AIG aborts sale of Philamlife -- sources
By Doris Dumlao
Philippine Daily Inquirer
First Posted 16:01:00 03/03/2009

Filed Under: Economy and Business and Finance, Insurance, Company Information
MANILA, Philippines -- The beleaguered American International Group (AIG) has aborted plans to sell its local crown jewel Philippine American Life and General Insurance Co. (Philamlife), industry sources said.

An advisory within the Philamlife group was issued late Monday saying that AIG had decided to keep the local unit under its fold.

The prospective bidders were notified of the plan, other Philippine Daily Inquirer sources confirmed.

"Global reorganization is in place due to more government infusion," a source said.

Philamlife is expected to issue an official statement later Tuesday.

[HenryLiwanag]

mao ba, i received a letter last month about its sale to filinvest group

[smurky]

if I were with AIG, i wont sell Philamlife PHil coz it's impractical....

logic will tell you that it's not advisable to sell a "profitable" business.... all AIG needs to do is get rid the bad eggs and keep the good ones... my 2 cents

[honey2723]

mao ba, i received a letter last month about its sale to filinvest group

basin another subsidiary of PhilAm not PhilAm Life the Life Insurance company itself... Where did the letter come from?