MANILA, Philippines -- The beleaguered American International Group (AIG) has aborted plans to sell its local crown jewel Philippine American Life and General Insurance Co. (Philamlife), industry sources said.
An advisory within the Philamlife group was issued late Monday saying that AIG had decided to keep the local unit under its fold.
The prospective bidders were notified of the plan, other Philippine Daily Inquirer sources confirmed.
"Global reorganization is in place due to more government infusion," a source said.
Philamlife is expected to issue an official statement later Tuesday.
