AIG still to decide on Philamlife’s fate

Philippine American Life and General Insurance Co. (Philamlife) is set to have its fate determined by as early as October 3 by its parent company, American International Group Inc. (AIG).

AIG’s current chairman and chief executive officer, Edward Liddy, announced that he was drafting a list to determine what assets will be sold to repay an $85-billion lifeline extended by the US government. He said he would make the list known within 10 days.

Liddy, however, said in the interview that he hopes to retain the commercial property and casualty business, as well as its Asian operations.

Philamlife is one of AIG’s oldest and more successful overseas investments and is the country’s biggest insurance firm.

Philamlife Chairman Jose L. Cuisia, Jr. did not rule out the possibility that asset disposals planned by AIG would include Philamlife. In any event, he stressed yesterday, Philamlife has the capability to meet its obligations.