Asian Life Financial
Assurance (ALFA) and Banclife Insurance are to reportedly merge, to
form a single entity known as Philippine Life Financial Assurance
Corporation (PhilLife).

The two Philippine
insurers are completing documentary requirements with the
Securities and Exchange Commission (SEC) and the Insurance
Commission (IC), according to the Philippine Star.  It is said
the new life insurer would have more than 24 offices in the
Philippines and over 300 agents.

Monico V. Jacob, who is
reported to be the future head of PhilLife, was quoted as saying:
“We expect the merger to be complete by the end of the

Jacob reportedly added
that PhilLife will have a minimum paid up capital of more than
P300m ($7m) since prior to the merger both companies were already
compliant with the existing capital requirement.

According to a report
available at the Insurance Intelligence Center, Life Insurance
in the Philippines, key trends and opportunities to 2016,
Filipino life insurance segment declined in written premium value
from PHP95bn in 2007 to PHP90.9bn in 2011.

The declining popularity
of unit-linked products and the adverse impact of the global
economic crisis are the main reasons for this decline, says the
Insurance Intelligence Center report.

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