Allianz PNB Life Insurance, Inc. expects sharp growth in its key financial metrics this year, driven by changes to its bancassurance partnerships, a revised agency model and more aggressive client expansion through its tie-up with HSBC.
“We remain very optimistic and very positive about the Philippine market,” Allianz PNB Life President and CEO Joseph Gross said in a speech on Thursday. He said the insurer is bullish on growth prospects this year.
Chief Financial Officer Lucas Emmanuel M. Cacayan said the company has recorded double-digit growth in its financial metrics last year, with assets under management likely to reach the target of P135 billion.
Growth was supported by double-digit growth in customer numbers from its bancassurance businesses, particularly its partnerships with Philippine National Bank (PNB) and HSBC.
Mr Gross said the agency channel lagged in client growth last year after a restructuring aimed at improving quality rather than scale.
He said the agency branch could re-emerge this year following stringent standards and the appointment of Floro. As “Jun” Marasigan, Jr.'s main agencyFIcer.
The insurer is also revamping its sales model with PNB and hopes to improve branch performance. Thanks to its HSBC partnership, Allianz PNB Life is targeting double digit customer growth worldwideFAmidst the growing demand for security products, talented and high net worth clients.
Allianz PNB Life plans to simplify its product lineup and introduce additional investment options. — AMCS