Allianz PNB, HSBC unit ink insurance distribution deal
Life insurer Allianz PNB Life Insurance has inked an agreement with HSBC Insurance Brokers (Philippines) Inc. to offer insurance products and services to the customers of British banking giant HSBC in the Philippines.
This is part of the efforts of Allianz to expand its reach in Southeast Asia, providing the insurer with more opportunities to offer financial advice and solutions to the country’s rising middle class.
“Our partnership with HSBC will allow us to help Filipino families find financial solutions for every need and life stage. Through this partnership, we hope to help more families reduce the protection gap,” PNB Life president and chief Executive Officer Olaf Kliesow said in a press statement.
Considering the 60 quarters of economic growth in the country and being one of the fastest growing economies in Southeast Asia, HSBC Philippines president and chief executive officer Wick Veloso said that the country should add financial protection investment, and risk management to a foundation strengthened by young demographics and rising education standards.
“This (distribution arrangement) will ensure that the quality of life will continue to improve from generation to generation,” Veloso said.
Under the general sales program, the first product that Allianz and HSBC Insurance Brokers will offer is the “Wealth Power,” a single-pay, investment-linked life insurance plan available in both Philippine peso and US dollar.
Wealth Power provides investors with opportunities to invest in the Asian bond markets, high-quality fixed income securities, or in both fixed income securities and stocks listed in the Philippine Stock Exchange, depending on the outlook of investors, the press statement read.
Wealth Power provides investors protection coverage of 130 percent of their single premium, and allows its investors access to funds managed by world-class investment managers. Dollar-denominated funds managed by Allianz Global Investors will also be available.
Allianz and HSBC are two of the world’s largest financial services companies.
“Allianz and HSBC have long been strategic partners in Asia, collaborating across life and health insurance, credit insurance, and asset management,” said Allianz Asia Pacific head of bancassurance and partnerships Sujoy Ghosh.
The Allianz Group serves 86 million retail and corporate customers in more than 70 countries, making it one of the world’s largest insurers and asset managers.
Allianz is currently active in offering its core business of property and casualty insurance, life and health insurance and asset management in 14 markets in Asia. The company serves over 18 million customers in the across multiple distribution channels and platforms.
Allianz PNB Life is joint venture created from the acquisition by Allianz of a 51 percent stake in PNB Life Insurance Co., a leading provider of investment-linked insurance plans, complemented by a suite of individual and group protection products.
For its part, HSBC serves more than 37 million customers through its four global businesses. This includes retail banking and wealth management, commercial banking, global banking and markets, and global private banking. As of March 31, the company’s assets have reached $2.42 trillion.
HSBC in the country has a local network of 10 branches located in Metro Manila, Cebu and Davao. The bank incorporated HSBC Insurance Brokers (Philippines) Inc. in 2002 to be the insurance distribution arm of HSBC entities in the Philippines.
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