Allianz PNB Life, the global insurer’s joint venture in the Philippines, has reported a whopping 161% increase in gross written premiums for the first half of 2018.
The insurer, which is a partnership between the German insurance giant and Philippine National Bank (PNB), more than doubled its premium income to PHP4.63 billion (US$85.2 million) in the first six months of the year, from PHP1.77 billion during the same period last year.
“We are proud of the company’s achievement since we are able to reach out to more Filipino families in providing them insurance protection and investment opportunities,” said Allianz PNB Life chief finance officer Efren Caringal Jr. “Our performance is only possible due to the continuing strong engagement from our employees, intermediaries, and various partners.”
He cited in particular the solid contribution from its key bancassurance distribution partners, PNB and HSBC.
Data from the Insurance Commission showed that total premiums of the life insurance industry grew at a healthy rate of 28% year-on-year, reaching PHP116.14 billion (US$2.15 billion) in the first half.
Olaf Kliesow, Allianz PNB Life CEO, attributed the insurer’s success to the rising per capita income of Filipinos backed by the country’s improving economy, with GDP growing at around 6% annually.