Philamlife (Philippine American Life and General Insurance Co.) will be put on sale by parent company, American International Group Inc. (AIG) as part of their restructuring and streamlining.

This decision is primarily due tot he fact that AIG will need more money to hold off the financial crisis and stay afloat. Philamlife is the Philippines largest insurance company.

One of the interested group that might buy Philamlife is Yuchengco Group of Companies (YGC).

The Yuchengcos’ Great Pacific Life Assurance Corp. (Grepalife) and Malayan Insurance Co., Inc. earlier announced their intention to pool resources to make a bid for Philamlife, which has consolidated assets of P170 billion, or over eight times bigger than their combined resources.