AIG Deconstructed: Philamlife

Here's more: In 2008, Philamlife recorded a profit of $69.3 million, a 187% surge from 2007. The company reported a 10.9% jump in investment income during the year to $214.2 million, even as gross premiums dropped 21% to $376.1 million.

Total revenue for the company last year reached $726.9 million.

The revenue from Philamlife's bancassurance arm, Philam Equitable Life Assurance, soared 70.6% from the year prior, generating $44.1 million.

The company's investment income was $2.14 billion, while its consolidated assets came in at $3.33 billion. Paid-out benefit and claims amounted to $153.4 million.

And despite all the drama surrounding its parent company, it's worth noting that 99% of policy-holders stuck with the insurance firm.

Placing a dollar figure on the international subsidiary is, of course, tricky, but one report had the company worth about $581.9 million in 2008 -- which was roughly half of its value from 2007. Still, it's also believed Philamlife that gave AIG up to $500 million to help the parent company ride out its bankruptcy.

"Certainly, in order for AIG to decide to keep it as a subsidiary means they believe it's valuable to their portfolio," says Dan Weedin, of Toro Consulting. "As far as a global strategy for them, this would seem to be an important player, especially as Asia continues to grow as an economic power."

"AIG has to brand itself as an insurance leader and move away from the credit mess they created," says Weedin. "Their financial strength is still in the insurance part, but perception of the company is in need of rejuvenation. Global subsidiaries like Philamlife go a long way toward rebuilding credibility."

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