AIG's Philippine unit to buy 51 pct of Ayala Life
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.)
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