As early as October 3rd, Philippine American Life and General Insurance (Philamlife) may have its fate sealed as new successors to buy the company are setting the wheels in motion to take over.

This concern follows its parent company: American International Group Inc (AIG) , which is desperately trying to keep its head above water during the strong financial current that is threatening to destroy it.

Despite the economical troubles and credit crunch that have been inflicted on AIG, Philamlife executives in the Philippines have repeatedly assured its policy investors and holders that its assets and operations are insulated from its parent company. However, this nervous confidence can be soon undermined, as there are already a flock of bidders to take over the company.

The executive officer of AIG stated in an interview in September, that he would announce a list of assets that were to be sold off, fuelling more justifications for policy holders to be concerned. However, he also stated that he hoped to retain casualty business and commercial property, as well as its Asian operations.

The interested buyers consist of the Yuchengos which is a very successful family. Philamlife’s president commented: “They have expressed interest like others who have also expressed interest.”

Philamlife is one of AIG’s more successful and oldest overseas investment, and aside from life insurance, the company also engages in banking, credit cards, mutual funds and real estate.