Philamlife and BPI to form bancassurance joint venture

Philippine American Life and General Insurance Company Philamlife is acquiring a 51% stake in Ayala Life Assurance, the life insurance subsidiary of Bank of the Philippine Islands BPI, for an undisclosed amount. The acquisition will pave the way for a bancassurance joint venture between Philamlife, the Philippines' largest life insurance firm in terms of assets, and BPI. The joint venture is subject to regulatory approvals.

Ayala Life is the seventh largest life insurance company in the Philippines in terms of assets, with gross premiums of more than Ps1.8 billion in 2008 and Ps2.6 billion in the first seven months of 2009. That 140% gain in gross premiums so far...