Philamlife and BPI to form bancassurance joint venture

Philippine American Life and General Insurance Company (Philamlife) is acquiring a 51% stake in Ayala Life Assurance, the life insurance subsidiary of Bank of the Philippine Islands (BPI), for an undisclosed amount. The acquisition will pave the way for a bancassurance joint venture between Philamlife, the Philippines' largest life insurance firm in terms of assets, and BPI. The joint venture is subject to regulatory approvals. Ayala Life is the seventh largest life insurance company…