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Friday, March 29, 2024

PAMI becomes trust corporation

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Philam Life continues to innovate the way it conducts its business to provide customers with the right solutions to meet their individual protection and wellness needs.  

AIA Philam Life is set to transition its subsidiary, Philam Asset Management Inc. into a trust corporation as the main vehicle to manage the Philam Group investment portfolio. 

“This move is aligned with AIA Philam Life’s thrust to put its customers at the heart of the business,” said AIA Philam Life chief executive Kelvin Ang. 

“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. As such we will be able to draw on the advantages of economies of scale, innovative investment strategies and multi market fund access, and pass it on to our customers,” he said.

The TC will 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,” said Ang. 

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During the transition and until completion of the TC turnover, all contracts, agreements and existing mutual funds from PAMI will be transferred to BPI Investment Management Inc., the largest mutual fund manager in the country in terms of assets under management. 

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