Italy's Generali makes offer for Philamlife: report

Reuters

Posted at Feb 27 2009 10:19 AM | Updated as of Feb 27 2009 06:20 PM

MILAN - Italian insurer Assicurazioni Generali has presented an offer to acquire struggling U.S. insurer AIG's life insurance assets in the Philippines, a financial source said on Thursday.

Generali is bidding together with Banco de Oro Unibank, the Philippines second largest bank by assets, for AIG's Philippine American Life and General Insurance (Philamlife), the source said.

Wednesday was the deadline for presenting offers for the AIG activities in Philippines, the source said.

Earlier in February, AIG short-listed four potential buyers for its Philippine operations, including Banco de Oro Unibank in a consortium with Generali, sources familiar with the negotiations had told Reuters.

Other potential buyers were Bank of the Philippine Islands, Toronto-based Manulife Financial Corp and an unidentified foreign investor, the sources said.

On Thursday, Generali was not immediately available to comment.

Reports say the assets being sold do not include Philamlife's non-life insurance business. Philamlife had a book value of 49.5 billion pesos ($1.02 billion) at the end of 2007, since when it has sold off consumer finance and banking units for about 2 billion pesos.

AIG is selling assets in order to pay off a $150 billion lifeline from the U.S. government.