Philam Life
The Philippine American Life and General Insurance Company (also commonly known by its trade name, Philam Life) is an insurance company based in the Philippines. As of December 2010, it is the largest life insurance company in the Philippines in terms of assets, net worth, investment and paid-up capital.[2][3][4][5]
 | |
| Industry | Financial services |
|---|---|
| Founded | June 21, 1947 |
| Founders | Cornelius Vander Starr Earl Carroll |
| Headquarters | 15/F-18/F Net Lima Bldg. 5th Avenue cor. 26th Street, Bonifacio Global City, Taguig |
Area served | Philippines |
Key people | Edmund Tse (Chairman) Ariel Cantos (President and CEO) |
| Products | Insurance, annuities, mutual funds |
| Revenue | ₱29.4 billion (2011)[1] |
| ₱7.3 billion (2011) | |
| Total assets | ₱207.3 billion (2011) |
| Total equity | ₱66.4 billion (2011) |
| Parent | AIA Group |
| Website | www |
History
Philam Life was founded in 1947 by Cornelius Vander Starr, the founder of AIG, 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.[6]
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.[6]
Another milestone for the company was made in 1961 when the Philam Life Building in Ermita 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.
Philam Life was part of the AIG until 2008 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.[7] On November 3, 2009, the American International Assurance (AIA Group) bought 99.78% stake of Philamlife after approval of government regulators.[8] 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.[9]
As a member of the AIA group, Philam Life has 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.[6]
Office Buildings
Manila Office
The Philamlife 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.[10]
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 aluminum sunshades supported by pipes and millions.[11] 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.[12]
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.[13]
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 along Paseo de Roxas Avenue in Makati City through its real estate affiliate. The building was inaugurated in 2000.
References
- "Financial Highlights". Philam Life. Archived from the original on 9 June 2012. Retrieved 1 June 2012.
- "Ranking of Life Insurance Companies according to Assets as of December 31, 2010" (PDF). Insurance Commission. Archived from the original (PDF) on 17 June 2012. Retrieved 1 June 2012.
- "Ranking of Life Insurance Companies according to Net worth as of December 31, 2010" (PDF). Insurance Commission. Archived from the original (PDF) on 24 March 2012. Retrieved 1 June 2012.
- "Ranking of Life Insurance Companies according to Investment at Cost as of December 31, 2010" (PDF). Insurance Commission. Archived from the original (PDF) on 2 May 2014. Retrieved 1 June 2012.
- "Ranking of Life Insurance Companies according to Paid-up-Capital as of December 31, 2010" (PDF). Insurance Commission. Retrieved 1 June 2012.
- "Philam Life History". Philam LIfe. Archived from the original on 2014-10-26.
- "AIG Places American Life Insurance Company (ALICO), American International Assurance Company, Ltd. (AIA) in Special Purpose Vehicles". American International Group. Retrieved 1 June 2012.
- "Philam Life joins the AIA Group". Manila Bulletin. 2009-12-18. Retrieved 2010-10-31.
- "Ayala Life renamed BPI-Philam Life Assurance". Manila Bulletin. 2010-01-06. Retrieved 2010-10-31.
- Tariman, Pablo (March 18, 2013). "Curtain Calls for Philam Life Theater?". Yahoo! News Philippines. 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.