MANILA -Allianz PNB Life and HSBC Wealth have started a 14-year deal for the exclusive distribution of insurance products to HSBC customers in the Philippines.
This partnership was formalized through an agreement between HSBC Investment and Insurance Brokerage Philippines Inc., HSBC Wealth’s formal name, and Allianz SE (Singapore Branch). The deal entered into force last Sept. 26
In a joint statement, the two companies said their team-up would help meet the evolving needs of clients in the Philippines by offering new and enhanced products, new digital tools and additional training and learning support to their employees.
“Through our dedicated team and digital tools, we will be able to offer more compelling protection and health product propositions and innovative customer experiences for affluent clients,” said Joe Gross, chief executive of Allianz PNB Life.
“This strategic partnership solidifies our position as a leading business partner and further supports HSBC Group’s ambition to be the leading wealth manager in Asia,” Gross added.
HSBC Wealth vice chair Peter Faulhaber said the partnership would give rise to synergies in product innovation, digital capabilities and multichannel access—which would benefit customers of both companies.
Customers are seen to benefit from personal and holistic wealth management services available through relationship managers in Wealth Hubs and Digital channels.
In a report released last June, Allianz SE said the pool of insurance premiums in the Philippines was expected to grow over the next 10 years by 11 percent yearly until it reaches 22.6 billion euros in 2033.
The Germany-based global group of insurers and asset managers said that yearly growth of premiums in the country would outpace that of global expansion, penciled in at 5.2 percent.
Through the forecast period, the Philippines is also primed to outperform the entire Asia-Pacific region, excluding Japan (8 percent), particularly China (8.1 percent).
According to Allianz’s Global Insurance Report, total global insurance premium income reached 5.6 trillion euros in 2022, rising by 4.9 percent.
Life insurance continued to be the largest segment, accounting for 46 percent of total premiums, followed by property and casualty or P&C (32 percent) and health (20 percent).
Also last year, the Philippine insurance market grew by 5.2 percent with premium income reaching 7.1 billion euros. INQ