Allianz expects faster growth this year

ALLIANZ PNB Life Insurance, Inc. expects faster growth in its key financial metrics this year, driven by changes in its bancassurance partnerships, a revamped agency model and more aggressive customer expansion through its tie-up with HSBC.

“We remain very bullish and very, very positive about the Philippine market,” Allianz PNB Life President and Chief Executive Officer Joseph Gross said in a speech on Thursday, adding that the insurer is bullish on growth prospects this year.

Chief Financial Officer Lukas Immanuel M. Cacayan said the company posted double-digit growth across its financial metrics last year, with assets under management likely to hit the P135-billion target.

Growth was supported by double-digit gains in customer numbers from its bancassurance businesses, particularly partnerships with Philippine National Bank (PNB) and HSBC.

Mr. Gross said the agency channel lagged in customer growth last year after a restructuring aimed at improving quality rather than scale.

He said the agency arm might rebound this year following stricter standards and the appointment of Floro “Jun” Marasigan, Jr. as chief agency officer.

The insurer is also overhauling its sales model with PNB and expects improved branch performance. For its HSBC partnership, Allianz PNB Life is targeting double-digit customer growth among affluent and high-net-worth clients, amid rising demand for protection products.

Allianz PNB Life plans to simplify its product lineup and introduce additional investment options. — AMCS