PressNewsFinancialsStakes and investments: Allianz enters into a long-term partnership with Philippine National Bank and acquires 51 percent of PNB Life Insurance Inc.

Allianz enters into a long-term partnership with Philippine National Bank and acquires 51 percent of PNB Life Insurance Inc.

Service & Contacts

Allianz Group Communications
Koeniginstr. 28
80802 Munich
Germany

Contact overview

Receive the latest Allianz news.

Newsletter

Follow Allianz in the social networks:

Facebook
Twitter
Google+
LinkedIn

  • Contact

  • Newsletter

  • Social Media
  • Acquisition of 51 percent of PNB Life Insurance Inc.

  • 15-year exclusive bank distribution agreement with the 4th largest private commercial bank in the Philippines

  • Transaction aims for growth through strategic partnerships in important insurance markets 
     

Allianz SE
Munich, Dec 23, 2015

Allianz and Philippine National Bank (PNB) have reached an agreement to enter into a 15-year exclusive distribution partnership and for Allianz to acquire 51 percent of PNB Life Insurance Inc., the life insurance subsidiary of Philippine National Bank. The joint venture company will operate under the name of “Allianz PNB Life Insurance, Inc.”.

Philippine National Bank is the country’s 4th largest private local commercial bank in terms of assets and deposits. It is a universal bank providing a full range of banking and other financial services to large corporate, middle market, small and medium enterprises (SMEs) and retail customers. PNB Life Insurance (PNB Life) is the 10th largest life insurance company in the Philippines, with new business premiums of 72 million euros in 2014.

An important part of the joint venture between Allianz and PNB is a 15-year bancassurance agreement, which will provide Allianz exclusive access to more than 660 branches located nationwide, and four million customers. Under the terms of the agreed transaction, Allianz will acquire 51 percent and management control of PNB Life.

“The Philippines is a very fast-growing insurance market supported by a healthy economic outlook and a large, young population of over 100 million people”, said George Sartorel, CEO Allianz Asia-Pacific. “The transaction with PNB is a unique opportunity to enter into the market with an established distribution network, and it is part of building our strategic business platforms.”

“PNB has always provided innovative care to the Filipinos. Allianz will bring in a lot of experience, technology and new ideas that will benefit our customers and the Philippine market”, said Reynaldo A. Maclang, PNB President. “This venture will allow us to offer world-class protection products and services that cater to the diverse needs of our customers.”

“The strong interest we drew from Allianz and other candidates was a welcome validation of the successful turnaround of PNB Life that we started six years ago,” said PNB Life President Esther C. Tan, who took on the role in October 2009. “We have grown from borderline relevance to a top ten player, and a major profit engine for PNB and the Lucio Tan Group as a whole. This transaction is the next big step towards our vision to be a leading provider of financial security to Filipinos worldwide.”

The Philippines market offers significant growth potential for insurance due to low penetration, with premiums at just 1.7 percent of GDP in the Philippines compared to 7.4 percent for Western Europe, 7.6 percent for Singapore or 14.3 percent for Hong Kong. In the last five years (2010-2015) annual premium growth has averaged 19.8 percent in life insurance. In recent years bank distribution has become a dominant channel for insurance products, with banks representing 37 percent of premiums written in 2014 in the Philippines.

The closing of the transaction is subject to regulatory approvals.

  Forward Looking Statement disclaimer

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

  Press contact

Claudia Mohr-Calliet
Allianz SE
Phone +65 6297 2724
Send email

  More at allianz.com

Millennials are optimistic pessimists

Allianz-Beware of generation generalizations
Dec 11, 2017 | Allianz SE

For people decidedly glum about the fortunes of their generation, millennials remain incredibly upbeat about their personal prospects, finds an Allianz study on millennials and their work attitudes and expectations

More...

Euler Hermes Rating launches new SME & MidCap Rating Service in France

Allianz-Euler Hermes Rating Launches New SME & MidCap Rating Service in France
Dec 06, 2017 | Allianz SE

Euler Hermes, the world’s leading trade credit insurer, today announced the French launch of TRIBRating, a new rating service specifically designed for SMEs and MidCaps, offered by Euler Hermes Rating. 

More...

Allianz Automotive and Scania Financial Services announce global strategic partnership

Allianz-Allianz Automotive and Scania Financial Services announce global strategic partnership
Dec 06, 2017 | Allianz SE

Allianz Partners (with its commercial brand Allianz Automotive) and Scania CV AB Financial Services have concluded a global cooperation agreement in June 2017. The cooperation comprises Scania branded motor insurance solutions for Scania customers. 

More...
More...