Allianz PNB Life Insurance Inc., the partnership between global insurer Allianz and Philippine National Bank of airline and tobacco tycoon Lucio Tan, expects growth prospects to remain strong this year after posting a remarkable performance in the first three years of the business.
The two leading financial institutions signed a 15-year bancassurance partnership in 2016, which led to the establishment of Allianz PNB Life Insurance Inc.
Allianz PNB Life president and chief executive Olaf Kliesow said in a speech during a private dinner celebration at the Century Park Hotel in Pasay City Wednesday evening the company’s annualized premium income for 2018 stood at a historic high.
“It has quadrupled compared to when we started in 2016,” he said, although not mentioning specific numbers.
Kliesow attributed the success to the “incomparable and uncompromising support from the LT Group... ” and the “thousands of PhilNaBankers who supported our Bancassurance goals over the years.”
“The basic assumption of our partnership has worked out well: the local reach of the bank, its strong reputation, and its wide network coupled with the global know how of Allianz on products and digital assets that was the backbone of our success,” he said.
Kliesow, who has been recently re-elected president of the Philippine Life Insurance Association, lauded the company’s consistent efforts in following the plans to expand the business in the Philippines.
“I have seen many business plans and joint ventures kicking off but I have seen none that managed to stick or even exceed the plan to the extent our collaboration has managed to do,” he said.
Allianz PNB Life’s premium income in 2017, according to the Insurance Commission, jumped 96 percent to P5.30 billion from P2.71 billion in 2016. The income was more than double the average industry growth rate of just 11 percent.
Allianz also became the Philippines’ fastest-growing life insurance company in 2017.
Kliesow said growth prospects remained strong and outlook for the company’s core market was positive as Allianz launched a new campaign this first quarter.