ALLIANZ PNB Life Insurance Inc. (Allianz PNB Life) targets to be part of the top five life insurers in terms of new business annual premium equivalent (NBAPE) by next year on the back of sustained growth across its business segments.
“This year, we regrouped in NBAPE — basically net new growth in the industry. A big part of our transformation is really focusing on protection and health. Whereas previously, our growth came from investment single premium products, ours is now one that is focused also on the more sustainable side of the business, which is regular protection and health insurance solutions,” Allianz PNB Life Chief Marketing Officer and Head of Sustainability Gino Riola told reporters at an event last week.
“So, we have every intention to break back into the top five.”
In 2023, Allianz PNB Life booked an NBAPE of P3.3 billion, ranking it at seventh place among life insurers.
Its net income stood at P609.3 million last year, while its premium income was at P26.11 billion.
The company expects to post double-digit growth in premiums across its agency, wealth, and bancassurance segments this year, Mr. Riola said.
He said its wealth segment, which is an exclusive partnership with HSBC Wealth that began in October 2023, saw the fastest growth.
“We are positive in terms of growth… Of course, we’re looking to finish the year on a high, but we achieved our growth targets,” Mr. Riola added.
Allianz PNB Life sees sustained growth across all three segments next year and has “more ambitious targets,” he said.
“For example, our insurance penetration of our main partnership, which is PNB, is — relative to the competition — nowhere near in terms of overall penetration,” Mr. Riola said.
“In January, we will have a change in leadership and with that will come, I would imagine, more aggressive targets,” he added.
Allianz PNB Life’s growth will be driven by its digitalization, Mr. Riola said, along with a reassessment of its sales force and focusing on what products customers need.
“We actually have a legacy system. It’s been there for a while, which has been a challenge in terms of really pushing ourselves out in terms of digitalization. So, this new system launch is extremely important,” he said.
The company will also launch a new fund in the first quarter of 2025, he added, and is looking to roll out more products.
“We will start with that. We are reassessing it just because we feel that with a new system and with a greater appreciation of the segments that we’re looking into, it isn’t necessarily a new product push that we need to prioritize. The jury is out there. But as I said, one of our strengths has always been funds and most certainly new fund launches,” Mr. Riola said.
“There are new products launched, but with structure, with new sales, a new sales force, we’re reassessing where that is in terms of priority of investment.”
Allianz PNB Life is a joint venture between the Allianz Group and listed lender Philippine National Bank. Allianz acquired 51% of PNB Life Insurance, Inc., the life insurance arm of the Tan-led bank, in June 2016. — A.M.C. Sy
