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Philippines: Philippine Realty & Holdings sells 70% stake in nonlife insurer

January 2, 2014 - 6:00am

Philippine Realty & Holdings Corp. has signed a deal to sell its 70% stake in nonlife insurer Meridian Assurance Corp. to a group of private investors for 191 million Philippine pesos ($4.2 million), InterAksyon reported.

The insurer's net underwriting income dropped 3.9% year on year to PHP 17.12 million in the first six months of 2013.

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