ALGO Leasing and Finance appoints Philam Life as Credit Life Insurer
Having peace of mind and security that no financial harm will happen to their organization in case of a borrower’s untimely death is what every financial institution desires to protect the stability of their business. Philam Life, one of the country’s leading life insurance companies, understands such need and was recently chosen by ALGO Leasing and Finance, Inc. to insure its borrowers with Credit Life Insurance.
Philam Life’s Credit Life Insurance ensures that loans are paid, assets and possessions safeguarded, and businesses are kept intact. It is designed to protect lenders like ALGO from the possibility of unpaid loads in the event of a borrower’s sudden death. ALGO is a member of the Equicom Group and offers a suite of competitive financial products to small and medium-sized enterprises.
Over the years, Philam Life has earned the trust of customers for its financial strength, strong brand name and ability to deliver on its promises to over 600,000 individual policyholders and over 1,700,000 insured group members. Philam Life understands the real-life needs of its customers and provides the right plans and the right solutions like Credit Life and Employee Benefits.
For more information on Philam Life’s Credit Life Insurance, please visit http://www.philamlife.com/en/business/products-and-services/credit-life/.
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About Philam Life
The Philippine American Life and General Insurance Company (Philam Life) is the country’s premier life insurance company. Established on 21 June 1947, Philam Life has earned the trust of customers for its financial strength, strong brand name, and ability to deliver on its promises.
Philam Life has PHP226.8 billion in total assets as of 31 December 2014 and has delivered timely payouts of over PHP9 billion in education benefits (2004-2014) and over PHP118 billion in insurance benefits (1950-2014), while serving close to 600,000 individual policyholders and over 1,700,000 insured group members.
Philam Life understands the real life needs of its customers and provides the right plans and the right solutions including life protection, health insurance, savings, education, retirement, investment, group and credit life insurance. It also offers bancassurance and fund management products and services through its subsidiaries – BPI Philam Life Assurance Company (BPI-Philam) and Philam Asset Management Inc. (PAMI).
Philam Life is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and representative offices in Myanmar and Cambodia.
The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$172 billion as of 31 May 2015.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and
pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 29 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).