The AIA Philippines Life and General Insurance Company Inc. (commonly known by its trade name AIA Philippines and formerly known as the Philippine American Life and General Insurance Company or Philam Life) is an

insurance company Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

based in the

Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

. According to the Insurance Commission, it is the largest life insurance company based on asset and net worth.

History

AIA Philippines was founded in 1947 as Philam Life by

Cornelius Vander Starr Cornelius Vander Starr (October 15, 1892 – December 20, 1968), sometimes known as Neil Starr, was an American businessman and founder of C.V. Starr & Co. (later known as Starr Companies) in Shanghai, China, which became AIG. AIG grew from an ...

, the founder of

AIG American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

, and his partner Earl Carroll. Despite it being a new insurance company in the Philippines, it became the largest insurance company in the Philippines by 1949. It has since 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. Another milestone for the company was made in 1961 when the Philam Life Building in

Ermita Ermita is a district in Manila, Philippines. Located at the central part of the city, the district is a significant center of finance, education, culture, and commerce. Ermita serves as the civic center of the city, bearing the seat of city ...

was inaugurated, which soon became a landmark structure as well as being 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 Taguig (), officially the City of Taguig ( fil, Lungsod ng Taguig), is a 1st class highly urbanized city in Metro Manila, Philippines. According to the 2020 census, it has a population of 886,722 people. Located in the northwestern shores of ...

. Philam Life was part of the

until 2009 when the company, along with other AIG subsidiaries, American International Assurance (AIA) and ALICO were placed under the administration of a special purpose vehicle in exchange for a bailout by the Federal Reserve Bank of New York. On November 3, 2009, the American International Assurance (AIA Group) bought 99.78% stake of Philamlife after approval of government regulators. On November 27, 2009, the new Philamlife bought a 51% stake in Ayala Life and formed a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and economic risk, risks, and shared governance. Companies typically pursue joint ventures for one of four rea ...

with the

Bank of the Philippine Islands Bank of the Philippine Islands ( fil, Bangko ng Kapuluang Pilipinas, es, Banco de las Islas Filipinas, commonly known as BPI; ) is a universal bank in the Philippines. It is the first bank in both the Philippines and Southeast Asia. It is t ...

(BPI). Ayala Life was renamed BPI-Philam Life Assurance Corporation (BPI-Philam) in 2010. As a member of the AIA group, Philam Life has become 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. On August 9, 2021, Philam Life officially changed its name to AIA Philippines.

Office Buildings

Manila Office

The Philam Life Building in 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. It was completed in 1961.

Architecture

From that initial project, the Philamlife Corporation gave Arguelles his first big office-building commission — the Philamlife headquarters. This he shaped into one of the first international-style buildings in Manila. The medium-rise block was a rectangularly-planned structure with a centralized core that allowed some 20,000 square meters of office space to be naturally daylighted through the use of wraparound ribbon window glazing and aluminium sunshades supported by pipes and millions. 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 Manansala to enhance the clean, spacious and brightly lit interiors. The banding of the aluminium imbued the building with its extraordinary look. This horizontal definition countered the bulk and height of the building, allowing it to blend with the design context of the low-rise district of Manila. The building was best known for its auditorium, whose acoustical profile is highly suitable for classical music. Known for its excellent acoustics, the Philam Life Theater is a 780-seat theater whose acoustics were done by Bolt, Beranek and Newman. It was considered a model of sorts for the rest of the other Philam Life buildings in terms of design.

Current Status

In 2013, Philam Life has moved its headquarters to Bonifacio Global City in Taguig and has sold the Ermita site to mall developer SM Development Corp. (SMDC). Although many expect the site to be turned into a shopping mall, SMDC hasn't actually decided what to do with the Auditorium. On August 5, 2020, its Ermita site has started its demolition process amid the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

Makati Office

The company also owns the 14th tallest building in the Philippines, the Philamlife Tower along Paseo de Roxas Avenue in

Makati Makati ( ), officially the City of Makati ( fil, Lungsod ng Makati), is a 1st class highly urbanized city in the National Capital Region of the Philippines. Makati is the financial center of the Philippines; it has the highest concentration ...

through its real estate affiliate. The building was inaugurated in 2000.

References

External links

Official Website
{{American International Group American International Group Financial services companies established in 1947 Companies based in Bonifacio Global City Life insurance companies of the Philippines Philippine companies established in 1947