SM Group and Generali, Kouk Group Join Forces To Win the Philam Bidding

Is it not enough sign that Philamlife is still stable? Lots of big corporation are expressing their interest to buy the Philippine assets that the financially-troubled American International Group (AIG) is selling.

The SM Group is teaming up with Generali Pilipinas, the local insurer of Italy’s Assicurazioni Generali, the world’s fourth biggest insurance group, and the Kuok Group of Malaysian to bid for Philamlife. Generali Pilipinas is a joint venture between the SM Group and the Generali Group and the Kuok Group.

Jose T. Sio, executive vice-president of SM Investments Corp., said acquiring AIG’s assets would further fortify Generali Pilipinas’ strong position in the insurance industry. The SM group owns 40 percent of Generali Pilipinas.

The life insurance business in Philamlife is AIG’s crown jewel in the Philippines with a net worth of P21.4 billion as of end-2007. It has been the dominant market player in the Philippines over the last 60 years. Aside from the SM Group, other entities that have signified interest to acquire Philamlife include the Ayala Group, Metrobank Group, state pension fund Government Service Insurance System and San Miguel Corp.

You may read the whole news in Philstar.com