PROJECT

Projects

Summary of Proposed Investment

Project Number

22015

Company Name

PARAMOUNT LIFE AND GENERAL HOLDINGS CORPORATION

Date SPI Disclosed

Apr 13, 2004

Country

Philippines

Industry

Financial Markets

Projected Board Date

May 14, 2004

Status

Completed

Sector

Composite Insurance (Life and Non-life)

Department

Global Industry, Financial Markets

Environmental Category

C - No Impact

Previous Events

Approved : Oct 26, 2004
Signed : Feb 1, 2005
Invested : Oct 24, 2005

Project Description

The project entails an IFC quasi-equity and equity investment of up to $8.5 million in Paramount Life and General Insurance Company (the company or PLGIC), a composite insurance company in the Philippines. The company provides life and general insurance policies to corporates and individuals in the Philippines. It was established in May 1950, is headquartered in Manila, and has 27 branches in Metro Manila and outer provinces. IFC’s investment, which will be made in different phases, will help this median-sized, non-captive insurance company to make strategic acquisitions, to stimulate and consolidate the industry.

Sponsor / Cost / Location

Development Impact