Malayan sets record straight

MANILA, Philippines - “We would like to clarify that the Monetary Board, in their letter dated July 6, 2010, has approved the request of RCBC to acquire a 5.64 percent stake in MICO Equities, the holding company of the Malayan Group of Insurance Companies.

Please be informed that the actual license to cross-sell Malayan Insurance’s non-life insurance products through RCBC’s bank branches is still under process by the Bangko Sentral ng Pilipinas,” Martin D. Yuchioco, senior vice president of Malayan Insurance Co. Inc. said in a letter sent to The STAR.

He likewise shared that net premiums earned in 2008 was P2.921 billion, gross premiums written was P6.33 billion, investments were P6.21 billion, and total assets P16.31 billion.