Hong Kong-based AIA is investing $58 million in Philam Life, the largest life insurance company in the Philippines over the next three years. Philam Life’s CEO Kelvin Ang said in a press briefing that the investment will boost the company’s agency distribution. 

The funding will be used to hire and train nearly 5,000 full-time financial advisors with very basic industry knowledge. This in turn will allow the company to improve the scope of insurance coverage in the Philippines.

“We will invest P3bn over the next three years in building the agency distribution. This is a significant amount — P3bn in terms of our investment — because in the past we have done investment in terms of building the agency more than what we want. This time we are making it bigger. We feel that the market opportunity is enormous,”  he said.

At present, Philam Life comprises of 8,000 full-time and part-time financial advisors. In December 2018, it was recognised by The Asset as a premier life insurance company. Philam Life Chief Investment Officer Arleen Guevara, said, “At the end of the day, this is for our customers, whose trust we value as we continue fine-tuning our strategy to achieve optimal results. Through sound investments, we hope to be able to help them live healthier, longer and better lives.

Previously, AIA has invested in other Asian markets including Hong Kong, China, Malaysia, and Thailand. Last year, Philippines life insurance market grew 16 percent, largely drivent by the middle class.