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MANILA – Loyola Plans Consolidated Inc. is interested in acquiring shuttered Prudentialife Plans Inc., according to the Insurance Commission.
Emmanuel Dooc, IC chief, told reporters about a meeting with Loyola Plans senior vice president Christopher Concepcion last week, during which the latter expressed his company’s interest in not only the memorial and pension businesses of Prudentialife, but also the latter’s education plans.
“I am interested in Concepcion’s proposal,” Dooc said.
Besides the Loyola Plans proposal, the IC is also considering two earlier options that would help Prudentialife policyholders recover their investments.
The first option is the conversion of policyholders’ premiums into equity in Prudentialife in a bid to revive the company.
The second option is the proposed acquisition of the troubled preneed firm by rival Manila Bankers Life.
Dooc said the IC is still evaluating both proposals.
Last February, the IC issued a stay order on Prudentialife, preventing it from paying policyholders. The order also enjoins the company and other parties from engaging in any action that would dilute Prudentialife’s assets.
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