Allianz PNB Life Opens Agency office in Cebu Business Park

By Miong - Friday, September 28, 2018

Allianz, represented in the country by Allianz PNB Life, one of the leading global insurer embarks on a long-term investment in Cebu as it opens at the seventh floor of Buildcomm Center right at the Cebu Business Park. Allianz agency expansion in Cebu is a boost for the thriving business in Cebu, especially that it is the insurance sector leader for initiatives directed to climate change, human capital development, information security, tax strategy, and financial inclusion.

Allianz PNB Life Brand Communications and Digital Director Rei Abrazaldo said as the world’s number one insurance company acknowledged by Dow Jones, Allianz is here to be the responsible insurance partner worthy of the trust of every Cebuano. Allianz’s long-term commitment here is to be your responsible partner in making the best sound financial decisions to grow your financial portfolio and secure your family’s future.

The Insurance Commission (IC) data showed total premiums of the life insurance industry grew at a healthy rate of 28 percent, reaching Php116.14 billion in the six months ending June 30, 2018 from Php90.79 billion in the same period in 2017.

Allianz PNB Life Chief Finance Officer Efren Caringal Jr also said they are proud of the company’s achievement since they are able to reach out to more Filipino families in providing them insurance protection and investment opportunities. Their performance is only possible due to the continuing strong engagement from their employees, intermediaries, and various partners. Caringal cited in particular the very solid contribution from its key bancassurance distribution partners, Philippine National Bank and HSBC.

The Allianz PNB Life performance last year had made it the fastest growing life insurer in the Philippines, according to the official IC statistics. The company is primed to repeat its success story. It has been expanding its business regionally, addressing the need for quality insurance and financial products in various provinces across the Philippines. More than 700 entrepreneurial-minded professionals have joined its newly established agency distribution network.

Allianz PNB Life Chief Executive Officer Dr. Olaf Kliesow attributed its success to the rising per capita income of Filipinos backed by the country's strong economic growth. The country's GDP grew six percent. Kliesow believes the country's sound macroeconomic fundamentals will also support the growth of the insurance industry.

In the next three years, Allianz PNB Life aims to sustain its growth by expanding its customer base and providing the insurance needs of around 100,000 Filipinos by 2020. Currently, it covers the insurance of more than 60,000 Filipinos. Caringal remarked that “more needs to be done in the area of expanding financial inclusion since majority of Philippines remain either uninsured or under-insured”.

The threats brought about by the lack of accessible financial security of a good number of Filipino families is an opportunity for Allianz to position itself as a partner of Filipinos in their journey towards financial prosperity and well-being. “We are doing this through the expansion of our agency channel, and the Visayas is an important growth engine for us. Through our Life Changer program, we are able to offer life insurance career opportunities for millenials and mothers. Our portfolio of products have been well-designed to cater to a wider market of Cebuanos” Abrazaldo adds.

The Allianz Group is one of the world's leading insurers and asset managers where its customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance.

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