MANILA, Philippines -- The Philippine American Life and General Insurance Co., or Philamlife, said Tuesday it is insulated from the financial difficulties of its major shareholder, American International Group Inc. (AIG).
"While AIG is our parent company, we are separately capitalized ... the largest and strongest capital base of any insurance company in the Philippines," Philamlife president and chief executive Jose Cuisia said in a television interview.
"There is no impact of what's going on in the United States on the Philippine operations. Most of our investments are in government securities and prime equity blue-chip stocks, local stocks not US stocks," said former central bank governor Cuisia.
