The Philippine unit of American International Group (AIG) (AIG.N) has agreed to acquire 51 percent of Ayala Life Assurance Inc, the country's seventh largest life insurance company, a joint statement from the insurers said on Wednesday.

Philippine American Life and General Insurance Co (Philamlife), the Philippines' largest life insurer, is a unit of AIG.

Financial terms of the deal were not disclosed.

Ayala Life is the life insurance subsidiary of Bank of the Philippine Islands (BPI.PS), a unit of Ayala Corp (AC.PS).

(Reporting by Manolo Serapio Jr.)