AIA Philippines

Last updated

AIA Philippines
FormerlyPhilippine American Life and General Insurance Company
Philam Life
Industry Financial services
FoundedJune 21, 1947;76 years ago (1947-06-21)
Founders Cornelius Vander Starr
Earl Carroll
Headquarters23/F 8767 Philam Life Tower, Paseo De Roxas, Makati City
Area served
Philippines
Key people
Wing-Shing (Jacky) Chan (Chairman)
Kelvin Ang
(President and CEO)
ProductsInsurance, 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.com.ph/en/index.html

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 based in the Philippines. As of 2020, the company is among the largest life insurance companies in the Philippines in terms of assets and net worth. [2] [3]

Contents

History

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 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, then to the AIA Tower in Makati in 2023.

Philam Life was part of the AIG 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. [5] On November 3, 2009, the American International Assurance (AIA Group) bought 99.78% stake of Philamlife after approval of government regulators. [6] On November 27, 2009, the new Philamlife 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] 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. [4]

On August 9, 2021, Philam Life officially changed its name to AIA Philippines. [8]

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. [9]

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. [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 Manansala to enhance the clean, spacious and brightly lit interiors. [11]

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. [12]

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.

Makati Office

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 is also served as the AIA Philippines headquarters since 2023, just a decade after the company moved its headquarters to BGC in Taguig.

Cebu Office

The company also built a PHP2.1 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 former was completed in 2017. [13] The original uptown regional office on Osmeña Boulevard would later become the new corporate headquarters of Virginia Food, a local processed meat manufacturer.

Related Research Articles

<span class="mw-page-title-main">Ayala Center</span> Place in Metro Manila, Philippines

The Ayala Center is a major commercial development operated by Ayala Land located in the Makati Central Business District in Makati, Metro Manila, Philippines.

<span class="mw-page-title-main">Bank of the Philippine Islands</span> Bank in the Philippines

The Bank of the Philippine Islands is a universal bank in the Philippines. It is the first bank in both the Philippines and Southeast Asia. It is the fourth largest bank in terms of assets, the second largest bank in terms of market capitalization, and one of the most profitable banks in the Philippines.

<span class="mw-page-title-main">Bonifacio Global City</span> Central business district in Taguig City, Philippines

Bonifacio Global City is a financial business district in Taguig, Metro Manila, Philippines. It is located 11 kilometers (6.8 mi) southeast of the capital city of Manila. The district experienced commercial growth following the sale of a 440 ha military base at Fort Bonifacio by the Bases Conversion and Development Authority (BCDA). The entire district used to be the part of the main Philippine Army camp.

<span class="mw-page-title-main">Philippine Bank of Communications</span> Bank in the Philippines

The Philippine Bank of Communications, more commonly known as PBCOM, is a universal bank in the Philippines. It was founded in 1939. The bank's headquarters, PBCom Tower, located in Makati, is the second-tallest building in the Philippines.

Jaime Zóbel de Ayala y Pfitz, also known as Jaime Zóbel, is a Filipino businessman who served as the chairman of the Ayala Corporation from 1984 to 2006 and as its president from 1984 to 1994. Presently, he holds the honorary title as "Chairman Emeritus".

<span class="mw-page-title-main">AIA Group</span> Hong Kong-based multinational insurance and finance company

AIA Group Limited, often known as AIA, is a Hong Kong-based multinational insurance and finance corporation. It is the largest publicly listed life insurance group in Asia-Pacific. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments and securities.

<span class="mw-page-title-main">Manila Metropolitan Theater</span> Arts center in Metro Manila, Philippines

The Manila Metropolitan Theater, also known as the Metropolitan Theater, abbreviated as the MET, is a historic Philippine Art Deco building located in Plaza Lawton in Ermita, Manila. It is recognized as the forefront of the Art Deco architectural style in the Philippines.

Onib Olmedo was a Filipino painter acclaimed by critics as one of the major Filipino artists of the 20th century. Olmedo created a body of works that utilizes the expressionist technique of distortion to portray the inner torment experienced by modern man.

The AIA Tower, formerly the Philamlife Tower, is an office skyscraper located in Makati, Philippines. It is owned and developed by Philam Properties Corporation, the real estate arm of the Philippine American Life and General Insurance Company. Standing at 200 metres, it is currently the 7th-tallest building in Makati, and is the 14th-tallest building in the country and Metro Manila as well. The building has 48 floors above ground, and 5 basement levels for parking. It is also the current headquarters of AIA Philippines since 2023, which will be renamed to AIA Tower.

The Insular Life Assurance Company, Ltd. is a mutual life insurance company in the Philippines. Established on November 25, 1910 in Manila, it is the first Filipino life insurance company. The company offers individual and group life, health, education and retirement insurance plans. It provides allied financial services such as general insurance, banking, healthcare, lending and investment through subsidiaries and affiliate companies in its eponymous corporate group. Insular Life was once a member of the Ayala Corporation until 1987, when it became a mutual company owned by its policyholders. Its executive chairman of the board is Nina D. Aguas and its chief executive officer is Raoul Antonio E. Littaua. As of 2020, it is the tenth largest life insurer in the Philippines in terms of premium income, and fourth in terms of net worth.

<span class="mw-page-title-main">Paseo de Roxas</span>

Paseo de Roxas is a prime commercial artery in the Makati Central Business District of Metro Manila, Philippines. It is a two- to six-lane avenue that cuts through the middle of the business district connecting San Lorenzo Village in the west to Bel-Air Village in the east.

<span class="mw-page-title-main">United Nations Avenue</span> Avenue in Manila, Philippines

United Nations Avenue is a major thoroughfare in Manila, Philippines. A commercial, residential and industrial artery, the avenue runs east–west through the near-center of the city linking Ermita and Rizal Park with the eastern districts. It is home to the World Health Organization Western Pacific headquarters.

<span class="mw-page-title-main">Makati Central Business District</span> Central Business District in Makati City, Metro Manila, Philippines

The Makati Central Business District is a financial and central business district in the Philippines located in the heart of Makati in Metro Manila. It is politically known as "Central Cluster" in the West District of Makati. It is different from the Makati civic center known as "Makati Poblacion" which is situated at the northeast portion of the district. It is bounded by EDSA, Amorsolo Street, Ayala Avenue, Gil Puyat Avenue, Osmeña Highway, Zobel Roxas Street, Ocampo Street, Metropolitan Avenue, Nicanor Garcia Street, Kalayaan Avenue, Makati Avenue, Anza Street, Polaris Street, Orion Street, Mercedes Street, Amapola Street and Estrella Street. The whole district occupies barangays of San Antonio, San Lorenzo, Bel-Air, and Urdaneta.

Carlos D. Arguelles was a Filipino architect who was known for being a leading proponent of the International Style of architecture in the Philippines in the 1960s. He was an Eagle Scout and a Distinguished Eagle Scout Awardee of the Boy Scouts of America.

<span class="mw-page-title-main">Index of Metro Manila–related articles</span>

The following is an alphabetical list of articles related to the Philippine capital region of Metro Manila.

SkyTrain is a proposed automated people mover line meant to serve the city of Makati and Bonifacio Global City area in Taguig, Metro Manila. Originally scheduled for completion in 2021, as of March 2022, construction has yet to begin.

<span class="mw-page-title-main">7's Football League</span> Football league

The 7's Football League, also known as the AIA 7's Football League due to sponsorship with insurance company AIA Philippines, is a seven-a-side football league in the Philippines. Established in 2018, the league already had four seasons. It has a two-tiered men's division, a women's division, and youth divisions. The league is an open tournament with participation from representative sides of the domestic football competition, the Philippines Football League.

<span class="mw-page-title-main">Philam Life Theater</span>

The Philam Life Theater, also styled Philamlife Theater, was a performing arts venue at 1440 United Nations Avenue in the Ermita district of Manila, the Philippines. It opened in 1961 as the Philam Life Auditorium and was designed by Filipino architect Carlos Arguelles as part of the corporate headquarters for the Philam Life insurance company. The International Style concert hall in the eastern annex of the Philam Life Building is known for its superior acoustics and elegant interior. It served as Manila's cultural center for almost a decade and has played host to world-renowned musicians, choirs and symphony orchestras over its 53-year history, including Renata Tebaldi, Franco Corelli, Marian Anderson, Pinchas Zukerman and Cecile Licad. The theater also served as the home of the Manila Symphony Orchestra, the Manila Philharmonic Orchestra and the Philippine Educational Theater Association.

<span class="mw-page-title-main">Seda Hotels</span>

Seda is a Philippine brand of hotels owned and operated by Ayala Land Hotels and Resorts, a subsidiary of Ayala Corporation. The first hotel under the Seda brand began operations in 2012 with the opening of Seda BGC at the Bonifacio Global City in Taguig, Metro Manila, Philippines. The hotel chain has 11 branches as of 2020, all located in the Philippines.

<span class="mw-page-title-main">Embo (barangays)</span> Barangays in Taguig, Philippines

Embo, which stands for Enlisted Men's Barrio, refers to a collective term for ten barangays in Taguig, Philippines. The barangays were originally established to house military personnel of the Armed Forces of the Philippines (AFP). The area were formerly disputed between the cities of Makati and Taguig. As of November 2023, the barangays were transferred from Makati to Taguig.

References

  1. "Financial Highlights" (PDF). Philam Life. Retrieved February 22, 2021.
  2. Ichimura, Anri (September 18, 2020). "The Best Life Insurance Companies of 2020 in the Philippines". Esquiremag.ph. Retrieved April 21, 2021.
  3. "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.
  4. 1 2 "Philam Life History". Philam Life. Archived from the original on October 26, 2014.
  5. "AIG Places American Life Insurance Company (ALICO), American International Assurance Company, Ltd. (AIA) in Special Purpose Vehicles". American International Group. Retrieved June 1, 2012.
  6. "Philam Life joins the AIA Group". Manila Bulletin. December 18, 2009. Retrieved October 31, 2010.
  7. "Ayala Life renamed BPI-Philam Life Assurance". Manila Bulletin. January 6, 2010. Retrieved October 31, 2010.
  8. "Philam Life to rebrand as AIA Philippines | BusinessWorld". www.bworldonline.com. August 8, 2021. Retrieved August 14, 2021.
  9. Tariman, Pablo (March 18, 2013). "Curtain Calls for Philam Life Theater?". Yahoo! News Philippines. Retrieved May 31, 2014.
  10. 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.
  11. Alcazaren, Paulo (August 30, 2008). "Requiem for a Master Architect". PhilStar.com. Retrieved May 31, 2014.
  12. 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.
  13. "Philamlife Center - The Skyscraper Center". www.skyscrapercenter.com. Retrieved November 20, 2023.