June 22, 2012, Malaya Business Insight
Philippine American Life and General Insurance Company (Philam Life) will invest in the special fund that the government is thinking to put up to finance its public-private partnership (PPP) program.
Rex Ma. A. Mendoza, Philam Life president, said the company is already partners with other companies at the forefront of the PPP. These companies include the Bank of the Philippine Islands and the Philippine Long Distance Telephone Co.
Insurance companies normally invest in long-term government securities.
Philam Life has been instrumental in financing the construction of a number of key infrastructure projects in the country that include the Skyway, the Manila-Cavite Expressway (CavitEx), and the South Luzon Expressway (SLEx).
Meanwhile, Mendoza said that the company’s first-year premiums in the first quarter grew 70 percent year on year, without citing actual figures.
“Philam Life has done very, very well in the first quarter,” Mendoza said.
The company also plans to relocate its main office to Bonifacio Global City next year to be more accessible to its customers, distribution partners, and business partners.
Mark Edward Tucker, chief executive officer of AIA Group Ltd., said that AIA will support whatever Philam Life needs in order to expand its business.
Philam Life is part of the AIA Group, the largest independent publicly listed pan-Asian life insurance group in the world.
“We will give whatever capital Philam Life needs to grow the business,” Tucker said.
The company will continue to own and operate the Philam Tower, Philam Life Salcedo, Philam Life Alabang, Philam Life Cubao, and the offices at the Ayala-FGU building and other buildings nationwide.
Philam Life plans to maintain and renovate these properties.
