Philippine American Life and General Insurance Company (Philamlife) is acquiring a 51% stake in Ayala Life Assurance, the life insurance subsidiary of Bank of the Philippine Islands (BPI), for an undisclosed amount. The acquisition will pave the way for a bancassurance joint venture between Philamlife, the Philippines' largest life insurance firm in terms of assets, and BPI. The joint venture is subject to regulatory approvals.
¬ Haymarket Media Limited. All rights reserved.
