AIA Philippines
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|
 The logo of Philam Life from 2009 to 2021 | |
| Formerly | Philippine American Life and General Insurance Company Philam Life |
|---|---|
| Industry | Financial services |
| Founded | June 21, 1947 |
| Founders | Cornelius Vander Starr Earl Carroll |
| Headquarters | 23/F 8767 AIA Tower, Paseo de Roxas, Makati City |
Area served | Philippines |
Key people | Wing-Shing (Jacky) Chan (Chairman) Kelvin Ang (President and CEO) |
| Products | Insurance, annuities, mutual funds |
| Revenue | ₱20.88 billion (2019)[1] |
| ₱9.19 billion (2019) | |
| ₱7.69 billion (2019) | |
| Total assets | ₱292.97 billion (2019) |
| Total equity | ₱91.2 billion (2019) |
| Parent | AIA Group |
| Website | aia |
The AIA Philippines Life and General Insurance Company Inc., commonly known as AIA Philippines and formerly known as the Philippine American Life and General Insurance Company or Philam Life, is an insurance company based in the Philippines. As of 2020, it is one of the largest life insurance companies in the country by assets and net worth.[2][3]
History
[edit]AIA Philippines was founded in 1947 as Philam Life by Cornelius Vander Starr, the founder of AIG, and his partner Earl Carroll.
The company has received various awards such as the Asian Management Award for General Management, Asian Management Award for Financial Management, and the Reader's Digest Platinum Trusted Brand Award. In addition, it also received the Presidential Citation from the Philippine government in 1994.[4]
In 1961, the company inaugurated its office, the Philam Life Building, in Ermita. The building soon became a landmark structure as well as a center of culture and the arts in Manila. The building would serve as its headquarters until 2013, when the company moved its headquarters to the Bonifacio Global City in Taguig, then to the AIA Tower in Makati in 2023.
Philam Life was part of AIG until 2009 when the company, along with other AIG subsidiaries American International Assurance (AIA) and ALICO, was placed under the administration of a special purpose vehicle in exchange for a bailout by the Federal Reserve Bank of New York.[5] On November 3, 2009, AIA bought a 99.78% stake in Philam Life after approval from government regulators.[6] On November 27, 2009, the new Philam Life bought a 51% stake in Ayala Life and formed a joint venture with the Bank of the Philippine Islands (BPI). Ayala Life was renamed BPI-Philam Life Assurance Corporation (BPI-Philam) in 2010.[7] Philam Life became AIA's Top Performing Company out of 17 countries in the AIA Group, having won the AIA Champion's League Gold Cup and the Premier League Champion Cup in 2013.[4]
On August 9, 2021, Philam Life officially changed its name to AIA Philippines.[8]
Office buildings
[edit]Manila office
[edit]The Philam Life Building in Ermita, Manila was the former headquarters of the company. Designed by Carlos Arguelles, the building was one of the first structures built in the International Style of architecture.[citation needed] It was completed in 1961.[9]
Architecture
[edit]The medium-rise block was a rectangular structure with a centralized core that allowed some 20,000 square meters of office space to be daylit through the use of wraparound ribbon window glazing and aluminium sunshades supported by pipes and millions.[10] Sculpted concrete formed entrance canopies and a roof for the complex's auditorium. Arguelles also used the artwork of Filipino artists like Galo Ocampo and Vicente Manansala to decorate the interior.[11]
The building was best known for its auditorium, whose acoustical profile was highly suitable for classical music. Known for its excellent acoustics, the Philam Life Theater was a 780-seat theater whose acoustics were done by Bolt, Beranek and Newman. It was considered a model for the other Philam Life buildings in terms of design.[12]
Current status
[edit]In 2013, Philam Life moved its headquarters to Bonifacio Global City in Taguig and sold the Ermita site to mall developer SM Development Corp. (SMDC). Although many[who?] expected the site to be turned into a shopping mall, SMDC had not decided what to do with the auditorium.
On August 5, 2020, the demolition process began for the Ermita site amid the COVID-19 pandemic.
Makati office
[edit]The company also owns the 14th tallest building in the Philippines, the Philamlife Tower (now the AIA Tower), along Paseo de Roxas Avenue in Makati through its real estate affiliate. The building was inaugurated in 2000. It has also served as the AIA Philippines headquarters since 2023, just a decade after the company moved its headquarters to BGC in Taguig.
Cebu office
[edit]The company also built a ₱2.1 billion 17-storey corporate center within the Ayala-owned Cebu Business Park along Cardinal Rosales Avenue (facing Ayala Center Cebu) to replace the brutalist building that served as its Cebu regional office on Osmeña Boulevard (formerly Jones Avenue) in uptown Cebu City. The new building was completed in 2017.[13] The original office on Osmeña Boulevard would later become the new corporate headquarters of Virginia Food, a local processed meat manufacturer.
References
[edit]- ^ "Financial Highlights" (PDF). Philam Life. Retrieved February 22, 2021.
- ^ Ichimura, Anri (September 18, 2020). "The Best Life Insurance Companies of 2020 in the Philippines". Esquiremag.ph. Retrieved April 21, 2021.
- ^ "Insurance Commission Releases Ranking of Life Insurance Companies As of Year-End 2020 Based on Submitted QRSFS". Insurance Commission. April 22, 2021. Archived from the original on April 29, 2021. Retrieved April 29, 2021.
- ^ a b "Philam Life History". Philam Life. Archived from the original on October 26, 2014.
- ^ "AIG Places American Life Insurance Company (ALICO), American International Assurance Company, Ltd. (AIA) in Special Purpose Vehicles". American International Group. Retrieved June 1, 2012.
- ^ "Philam Life joins the AIA Group". Manila Bulletin. December 18, 2009. Retrieved October 31, 2010.
- ^ "Ayala Life renamed BPI-Philam Life Assurance". Manila Bulletin. January 6, 2010. Retrieved October 31, 2010.
- ^ "Philam Life to rebrand as AIA Philippines | BusinessWorld". www.bworldonline.com. August 8, 2021. Retrieved August 14, 2021.
- ^ Tariman, Pablo (March 18, 2013). "Curtain Calls for Philam Life Theater?". Yahoo! News Philippines. Archived from the original on October 21, 2014. Retrieved May 31, 2014.
- ^ Lico, Gerard (2008). Arkitekturang Filipino: A History of Architecture and Urbanism in the Philippines. Quezon City: The University of the Philippines Press. p. 431. ISBN 978-971-542-579-7.
- ^ Alcazaren, Paulo (August 30, 2008). "Requiem for a Master Architect". PhilStar.com. Retrieved May 31, 2014.
- ^ Santiago, Katrina Stuart (April 5, 2013). "Heritage and the Quest to Save the Philam Life Theater". GMA News Online. GMA News. Retrieved May 31, 2014.
- ^ "Philamlife Center - The Skyscraper Center". www.skyscrapercenter.com. Retrieved November 20, 2023.