MANILA, Philippines - While its parent company looks for new partners to handle it, the Philippine American Life and General Insurance Company (Philamlife) assured its stakeholders it will be "business as usual" during the "process."
In full-page ads placed in several major newspapers Tuesday, Philamlife president and CEO Jose Cuisia Jr. said the company will focus on the daily operation of its business.
"As we continue this process, we will focus on the daily execution of our business and continue to provide our customers and distributors with the highest level of service. Please be assured that we will continue to work with the regulatory authorities to ensure that the divested assets will remain financially sound. We will continue to write new business and remain committed to meeting customers' needs,"
he said.
Cuisia said Philamlife's parent company, American International Group (AIG), is seeking top-rated financially strong brand names with capability to continue the firm's operations.
He reiterated Philamlife's legacy of "leadership, strength, stability and dedication to its policyholders, employees, agents, partners, shareholders and other stakeholders."
Also, he reassured that Philamlife is strong and well-capitalized with net worth of P49.5 billion as of December 31, 2007, and with over P170 billion in assets.
"The financial issues pertaining to our parent company AIG do not affect our ability to pay claims and underwrite new policies," he stressed.
Cuisia said AIG is now refocusing on core property and casualty insurance business to repay its loan from the Federal Reserve Bank of New York.
The insurance company had been identified for possible divestment along with some of Philamlife affiliates, he noted.
"Philamlife is a crown jewel of AIG and has built excellent brand equity being the only financial institution in the country with the distinction of five Platinum Trusted Brand awards. This makes Philamlife a very attractive company," he said. - GMANews.TV
In full-page ads placed in several major newspapers Tuesday, Philamlife president and CEO Jose Cuisia Jr. said the company will focus on the daily operation of its business.
"As we continue this process, we will focus on the daily execution of our business and continue to provide our customers and distributors with the highest level of service. Please be assured that we will continue to work with the regulatory authorities to ensure that the divested assets will remain financially sound. We will continue to write new business and remain committed to meeting customers' needs,"
he said.
Cuisia said Philamlife's parent company, American International Group (AIG), is seeking top-rated financially strong brand names with capability to continue the firm's operations.
He reiterated Philamlife's legacy of "leadership, strength, stability and dedication to its policyholders, employees, agents, partners, shareholders and other stakeholders."
Also, he reassured that Philamlife is strong and well-capitalized with net worth of P49.5 billion as of December 31, 2007, and with over P170 billion in assets.
"The financial issues pertaining to our parent company AIG do not affect our ability to pay claims and underwrite new policies," he stressed.
Cuisia said AIG is now refocusing on core property and casualty insurance business to repay its loan from the Federal Reserve Bank of New York.
The insurance company had been identified for possible divestment along with some of Philamlife affiliates, he noted.
"Philamlife is a crown jewel of AIG and has built excellent brand equity being the only financial institution in the country with the distinction of five Platinum Trusted Brand awards. This makes Philamlife a very attractive company," he said. - GMANews.TV
