Allianz PNB Life posted a 95.6-percent growth in its premium income in 2017 to P5.3 billion from P2.71 billion in 2016.
This made Allianz PNB the fastest growing life insurer in the Philippines, according to the Insurance Commission.
The growth in its premium income was much higher than the industry’s average premium growth rate of 11 percent.
This is also faster than the global performance of Allianz.
Olaf Kliesow, Alliance PNB Life CEO, said the global operations of Allianz in 2017 posted a 3-percent increase in total revenue to 126 billion euros over 2016 level.
“Locally, gross premiums closed at P5.3 billion, almost double the 2016 level. Our bancassurance with PNB remains the main contributor, with our distributorship deal with HSBC working to our favor 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 many as 1,000 by the end of the year.
Allianz PNB Life also continues to increase its presence nationwide to give more Filipinos better insurance coverage.
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.