Lucio Tan-owned Allianz PNB Life Insurance Inc. expects its market share to have had more than doubled in its first three years of operations amid a growing economy.
On the sidelines of its third anniversary celebrations on Wednesday night, Allianz PNB Life president and chief executive Olaf Kliesow told reporters that the insurance firm’s market share was estimated at 3.5 percent last year from 1.6 percent when it started in 2016.
While final figures for 2018 were still unavailable, Kliesow said in a speech the firm’s annual premium income last year reached a “historic high” as it quadrupled from 2016 levels.
Based on Insurance Commission data, the company’s premium income hit P2.7 billion in 2016, and jumped 95.6 percent to P5.3 billion in 2017.
Kliesow said Allianz PNB Life expected the rise in its premiums this year to outpace industry growth.
“Two years ago, we had an 11-percent growth; last year, probably about 15 percent, [although] we don’t know the figures yet,” he said.
Given that 2019 is an election year and with improving macroeconomic environment, “we’ll be looking at a low double-digit growth, and we expect [the company] to at least be as good as the market,” he added.
Kliesow said that easing inflation as well as a young population would drive industry as well as company growth this year. —BEN O. DE VERA