AIG exec tapped as new president of Philam Plans

Global financial conglomerate American International Group Inc. (AIG) has appointed its own man, Jack Howell, as the new president and chief executive officer of Philam Plans.

Howell is only the third president and CEO of Philam Plans, taking the reins from Jesus Hofilena who led the pre-need firm to profitability and the top position in the industry in the past four years.

Hofilena has reassumed his position as executive vice-president for sales marketing and agency training.

Prior to assuming the top post of Philam Plans, Howell was vice president for strategic operations at AIG Hong Kong. Originally based in New York, Howell started his career in AIG in 2002 as an executive associate in domestic brokerage group operations and was appointed director of financial management life division in March 2005.

Before joining AIG, Howell worked in professional consulting firms Charles River Associates Inc. and Boston Consulting Group.

When asked about his plans for Philam Plans, Howell said his primary focus would be to launch more comprehensive and viable savings programs to meet the ever-changing needs of the investing public.

"Philam Plans is an extremely strong organization. What I am looking at is going forward, how to respond to customer needs. We would like to capitalize on the company’s good sales force by introducing products that are more appealing and rewarding to the public," Howell said.

Howell said these new products will have slightly different features from existing products.

Philam Plans intends to launch less than six new products this year, Howell said.

"I think Philam Plans is on a very strong foundation. It’s got a good financial structure so we can support the existing portfolio," Howell said.

Howell said the group’s strong financial position should assure investors that it is safe to invest in Philam Plans.

"There’s a crisis in confidence but we need to point out our financial strength. Our company is very well positioned, we don’t have problems paying our future liabilities," Howell said.

Philam Plans’ strong financial management has helped the company fulfill all its commitments and continues to boost its financial capabilities to further secure assets of planholders.

Philam Plans now holds the largest, fastest growing and most liquid trust fund in the industry with over P20.62 billion as of July this year. Total assets, on the other hand, amounted to P21.62 billion last year or sufficient to pay all maturing and availing plans until the year 2013.