AIA Philam Life to turn subsidiary into trust corporation
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Wed, 20 Nov 2019 11:00:10 +0000
INSURANCE company AIA Philam Life is set to turn its subsidiary into a trust corporation (TC) as it continues to innovate the way it conducts its business to provide customers with the right solutions to meet their individual protection and wellness needs.
In a statement on Tuesday night, AIA Philam Life said the unit, Philam Asset Management Inc. (PAMI), would become the main vehicle to manage the Philam Group investment portfolio.
According to AIA Philam Life Chief Executive Officer Kelvin Ang, the move is aligned with AIA Philam Life’s thrust to put its customers at the heart of the business.
“By establishing a TC managing our general and VUL funds, we will be able to give more focus on investment requirements that support our core insurance business,” Ang explained.
“As such, we will be able to draw on the advantages of economies of scale, innovative investment strategies and multimarket fund access, and pass it on to our customers,” he added.
The TC would allow AIA Philam Life to leverage on AIA’s global investment expertise and best practices and funds platforms under the AIA investment framework and business model.
“With renewed focus on our insurance business, we will be able to concentrate on our twin priorities of protection and wellness, bringing to life our brand promise of helping Filipinos live healthier, longer and better Lives,” Ang said.
During the transition period and until the turnover of the TC is completed, contracts, agreements and existing mutual funds from PAMI will be transferred to mutual fund manager BPI Investment Management Inc. (BIMI).
BIMI will take charge of managing the funds, as well as provide other servicing requirements, such as subscriptions and redemptions, which can be made through BIMI channels – online, BPI branches, or at the BPI head office.