Allianz PNB Life recently ranked third in terms of Gross Written Premium (GWP) and New Business Annualized Premium Equivalent (NBAPE) in the Philippine Insurance Commission’s (IC) latest performance report for the first and second quarter of 2022.
Allianz PNB Life has performed consistently year on year. In 2021, it ranked fourth under the same categories, while in 2020, the company was listed as 7th in GWP and 8th in NBAPE.
“Insurance penetration is only at 2% in the Philippines and remains one of the lowest in Asia. There is heightened awareness for the importance of insurance however and we continue to enhance our efforts to become the trusted insurance partner of Filipinos,” said Allianz PNB Life President and CEO, Alexander Grenz. “We are grateful to our customers and partners for choosing us every day and propelling our organization to the Top 3 position in both GWP and NBAPE especially considering how we were 10th and 11th respectively when I assumed the role of CEO in 2019.”
This announcement follows the release of the Allianz Global Wealth Report 2022, where data on the asset and debt situation of households in almost 60 countries can be found, including the Philippines. In the report, the Philippines was notable for its 10.4% increase in financial assets growth driven by pension and life insurance assets, the latter of which showed a growth of up to 13.0%.
Despite entering the market only in 2016, Allianz PNB Life has achieved remarkable performance among more established competitors. “This achievement is ultimately attributed to our hardworking and dedicated Allianz PNB Life employees and expert financial advisors aptly referred to as Life Changers,” Grenz noted. “Their strong commitment to our purpose of securing the future of Filipinos is the reason why we have significant strides in terms of over-all market ranking.”
Since 2019, Allianz has been recognized as the number one insurance brand in the world. As a leading insurance provider, Allianz PNB Life’s products and services are designed to meet the lifetime financial planning, wealth accumulation, and well-being aspirations of Filipinos.