THE Philippine American Life and General Insurance Company (Philam Life) and Bank of the Philippine Islands (BPI) has announced the formation of the strategic life assurance joint venture through the completion of the sale of BPI’s 51 percent stake in Ayala Life Assurance Inc. (Ayala Life) to Philam Life, the largest life insurance company in the country.

The transaction was completed last Nov. 27.

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Ayala Life, which will serve as the bancassurance platform for the joint venture between Philam Life and BPI, has been renamed BPI-Philam Life Assurance Corp. (BPI-

Philam).

All Ayala Life insurance policies will remain in force and will continue to be serviced by BPI-Philam.

Elected to BPI-Philam’s board of directors are Jose Cuisia Jr., BPI-Philam chairman of the board and Philam Life vice chairman; Stephen Clark, president and CEO of BPI-Philam; Jaime Augusto Zobel de Ayala, Chairman and CEO of Ayala Corp.; Trevor Bull, president and CEO of Philam Life; Aurelio Luis Montinola III, president of BPI; Reynaldo Centeno, SEVP and COO of Philam Life; Natividad Alejo, SVP of BPI; Romeo Bernardo, president and managing director of Lazaro Ber-nardo Tiu & Associates Inc.; and Jesus Tambun-ting, chairman and CEO of Planters Development Bank.

The joint venture will benefit from Philam Life’s significant expertise in product development and innovation, particularly in the area of bancassurance. It will also allow

Philam Life to gain exclusive access to BPI’s extensive branch network of more than 800 branches and 1,500 ATMs serving over 3 million customers nationwide. (PR)