ALLIANZ PNB Life Insurance, Inc. saw its gross written premiums grow by 18% in the first quarter, it said on Wednesday.
“By listening to our customers and continuous market studies, we have identified the most relevant products. This insight has led us to focus on health and protection products and enhance the financial planning capabilities of our LifeChangers,” Allianz PNB Life President and Chief Executive Officer Joe Gross said in a statement.
The company saw single premium business growth of 24% in the first quarter, faster than the 18% expansion seen in the same period last year, it said.
“Furthermore, rebalancing our portfolio towards regular premium (RP) business resulted in a 36% growth in RP business alongside a 7% increase in our health business,” Mr. Gross said.
Allianz PNB Life also saw a 100% growth in net income during the quarter, the company added.
“Our focus and resilience have helped us maintain our position as the top bancassurance provider and one of the top three in total premium income among life insurers in the country,” Allianz Chief Financial Officer Chong Fang Siong said.
“As we enter the second quarter, we are optimistic about our growth path with many exciting developments in the pipeline. We will continue to forge ahead and are confident that our ongoing transformation strategy will deliver the right results for Allianz Asia Pacific,” he said.
Further details on the insurer’s financial performance for the quarter were unavailable.
In 2023, Allianz PNB Life’s premium income stood at P26.11 billion, while its net income was at P609.3 million.
In Asia-Pacific, Allianz’ total revenues or gross weighted premiums jumped by 131% to €2.2 billion in the period. Total operating profit for Asia surged by 171% to €183 million.
Allianz Asia Pacific’s bancassurance channel also saw significant growth, with annualized premium up by 19% and new business value rising by 82% year on year in the first quarter. This was driven by increased relationship manager activation, higher sales productivity, and customer-focused product steering, it said.
The company’s HSBC partnership across Asia resulted in a 6% increase in its active ratio and a 34% increase in productivity, it added. — AMCS
