Cuisia to retire as Philamlife president, CEO after 16 years

MANILA, Philippines - Former Bangko Sentral ng Pilipinas governor Jose L. Cuisia Jr. will retire as the president and chief executive of The Philippine American Life and General Insurance Company after serving the country’s largest life insurer for 16 years. Cuisia, who has reached the mandatory retirement age of 65 years old, will assume as vice chairman of the Philamlife board once he steps down in July 31. "I would like to extend my gratitude to Joey for building a robust business infrastructure that will enable a smooth integration of Philamlife into the AIA Group," AIA Group chief executive and president Mark Wilson said. Philamlife will be integrated into the AIA Group, which is a pan-Asian life insurance organization providing life insurance, retirement planning, accident and health insurance and wealth management solutions, after it separated from beleaguered parent American International Group Inc. (AIG). Subject to local regulatory approvals, Trevor Bull will assume the role of Cuisia, who is the fourth president in Philamlife's 62-year history. With over 30 years of experience as a life insurance professional, Bull is bringing extensive knowledge and experience in insurance products and distribution channels. He served as managing director of Tata AIG Life Insurance Company in India, which has become one of the fastest growing life insurers in the country. "Trevor's successful track record in the highly competitive insurance markets of India and Korea makes him uniquely suitable for this leadership role. I have every confidence that he will lead the management team to further accelerate Philamlife's growth and strengthen its leadership in the Philippines," Wilson said. Cusia led Philamlife's diversification into affiliate businesses such as mutual funds, bancassurance, and property management. Under his tenure, the life insurer is the first and only financial institution in the Philippines to receive six consecutive Platinum Trusted Brand awards from Reader's Digest Asia from 2004 to 2009. Cuisia has been active in the life insurance industry wherein he served as president of the Philippine Life Insurance Association. He was awarded Chief Executive of the Year in 2004 from the Raul Locsin Awards for Business Excellence in the Philippines and the Asian Insurance Personality of the Year in 2005 by Asia Insurance Review. He received the 2006 Manuel L. Quezon Award for Exemplary Governance and 2007 Management Man of the Year by the Management Association of the Philippines. - Ruby Anne M. Rubio, GMANews.TV