AIA Philam Life eyes illiquid assets beyond property

Hong Kong-based insurer AIA's Philippine unit has increased its cash holdings this year and may start buying alternative assets other than real estate, said its investment head, flagging concerns about Covid-19’s impact on the domestic economy and stock market. Local equities were down 17% for the year to October 23, and Arleen Guevara, chief investment offier at AIA Philam Life sees a “meaningful market recovery” as unlikely much before 2022. “For Philippine equities, the reward …