As more Filipinos become conscious of the need to invest and save for the future, one of the fastest growing insurance companies in the country Allianz PNB Life continue with their significant growth trajectories.
Allianz PNB Life reported that its gross written premiums grew by 161 percent year-on-year in the first semester of 2018.
The insurer more than doubled their premium income to P4.63 billion in the first half of 2018 from only P1.77 billion in the same period last year.
Data from the Office of the Insurance Commission (IC) showed total premiums of the life insurance industry grew at a healthy rate of 28 percent, reaching P116.14 billion in the six months ending June 30, 2018 from P90.79 billion in the same period in 2017.
"We are proud of the company’s achievement since we are able to reach out to more Filipino families in providing them insurance protection and investment opportunities. Our performance is only possible due to the continuing strong engagement from our employees, intermediaries, and various partners," Allianz PNB Life Chief Finance Officer Efren Caringal Jr. said.
He cited, in particular, the very solid contribution from its key bancassurance distribution partners, Philippine National Bank and HSBC.
The stellar performance of Allianz PNB Life last year had made it the fastest growing life insurer in the Philippines, according to the official IC statistics.
The company is primed to repeat its success story.
The insurance firm has been expanding its business regionally, addressing the need for quality insurance and financial products in various provinces across the Philippines. More than 700 entrepreneurial-minded professionals have joined its newly established agency distribution network.
Dr. Olaf Kliesow, Allianz PNB Life Chief Executive Officer, attributed its success to the rising per capita income of Filipinos backed by the country's strong economic growth.
The country's Gross Domestic Product (GDP) grew six percent. Kliesow believes the country's sound macroeconomic fundamentals will also support the growth of the insurance industry.
Allianz PNB Life aims to sustain its growth in the next three years by expanding its customer base and providing the insurance needs of around 100,000 Filipinos by 2020.
Currently, it covers the insurance of more than 60,000 Filipinos. Caringal remarked that “more needs to be done in the area of expanding financial inclusion since the majority of Philippines remain either uninsured or under-insured”.