Allianz is Fastest Growing Life Insurer in PH

ALLIANZ PNB Life is now the fastest growing life insurer in the Philippines, according to the Insurance Commission. Allianz’s premium income grew 95.6 percent to P5.30 billion in 2017 from P2.71 billion in 2016. This was more than double the average industry growth rate of only 11 percent.

The growth of Allianz PNB Life in the Philippines was also faster than the global performance of Allianz. Dr. Olaf Kliesow, Allianz PNB Life Chief Executive Officer said Allianz’s global operations in 2017 saw total revenues at 126 billion euros, which is a 3 percent increase over 2016, and an operating profit of 11.1 billion euros.

“Locally, gross premiums closed at P5.3 billion, which is almost double than 2016. Our bancassurance with PNB remains to be the main contributor, with our distributorship deal with HSBC working to our favour as well,” said Kliesow.

In the Philippines, Allianz PNB Life credits its strong performance to its fast-growing presence in the Visayas. The company intends to increase its agents to as much as a 1,000 by the end of the year.

“This is sparked by our unique agency structure and the agency program called Life Changer, which outs a premium on integrity and the noble purpose of being there at every life stage of the customer. The Life Changer is deeply aligned to our global business goals of providing excellent service and propositions,” said Kliesow.

Apart from increasing the number of its agents, Allianz PNB Life continues to increase its presence nationwide to give more Filipinos better insurance coverage.

The company recently inaugurated two new Life Track stations in strategic PNB branches, PNB Jaro and PNB Visayas 7. These new stations will become a hub for meaningful financial advice and discussions between Allianz and its clients. Philippine Life Insurance Association, Inc. (PLIA) is bullish about the performance of the industry this year.

Kliesow, who is also the PLIA President, believes the industry can continue to see double-digit growth this year saying more Filipinos are now more open to investing in insurance products, particularly life insurance.

This is buoyed by rising per capita incomes of Filipinos, which is supported by the country’s robust economic growth. In the first quarter of 2018, the country’s Gross Domestic Product (GDP) grew 6.8 percent.

Kliesow believes the country’s sound macroeconomic fundamentals will also support the growth of the insurance industry.

Expanding access and strengthening the capacity of local players to offer banking, insurance and financial services for all is a target under Goal 8 or the goal on or promoting sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all under the Sustainable Development Goals (SDGs). The 17 SDGs or the 2030 Global Agenda was signed by over 190 countries, including the Philippines, in September 2015.

“Allianz remains committed to our purpose – to be a substantial contributor in bridging the protection gap. We look forward to seeing Allianz grow even bigger in the Philippines,” Kliesow said. (PR)