The Covid-19 pandemic exposed gaps that need to be addressed in securing the financial future of Filipinos. Allianz PNB Life, the country’s leading provider of variable life products, continues to make significant inroads in addressing these challenges. Its products and services, such as life and health protection for individuals and institutions, are designed to meet the lifetime financial planning, wealth accumulation and well-being aspirations of every Filipino family.
Strong YOY Performance
As more Filipinos became aware of the need to partner with a reliable financial services provider to build a more secure future, Allianz PNB Life was able to post remarkable growth in 2022. Allianz PNB Life was backed by PNB, its exclusive bancassurance partner, which has one of the largest domestic branch networks among local banks, and the largest number of overseas offices.
Another partnership between Allianz PNB Life and HSBC Insurance Brokers Incorporated, gives HSBC customers access to its high-quality insurance and investment solutions.
All of this is supported by the excellent customer experiences provided by its highly engaged 1,430 Life Changers and over 300 employees.
Last year, Allianz PNB Life was able to sustain its strong financial performance for the third year in a row, producing PHP34 billion in Gross Written Premium (GWP) income. Its 12% year-on-year (YOY) growth ranked it among the Top 3 best performers in the local insurance industry. It also beat the industry’s total GWP performance, which fell by 0.5% YOY. Likewise, it ranked third in New Business Annual Premium Equivalent (NBAPE), the insurance industry performance metric used globally and adopted by the Philippines’ Insurance Commission (IC). For 2022, the Company posted a 22% growth to PHP4.7 billion, outpacing the industry’s 4% during the period.
The company posted a well-rounded performance that was recognized in different fields. It was awarded 2022 Life Insurer of the Year among Asian insurers by Insurance Asia News, along with recognition by International Business Magazine as
the Most Outstanding Life Insurance Company of the Year 2022 in the Philippines. The company also garnered 12 more awards from Its many human resources, sustainability, and marketing programs.
Catalyst for Sustainable Growth
Allianz PNB Life secures its inclusive vision to promote a secure future for more Filipinos by strengthening its CSR initiatives. In 2022, Allianz PNB Life launched the Allianz Kaagapay Program to push further its agenda on financial wellness and inclusion by making the topics of financial management, investments, and insurance simple and easy to understand.
The first Kaagapay event was held on April 11, 2022, on-ground in Alaminos, Pangasinan, and online via a virtual meeting.
The Ride Safe Program, Allianz PNB Life’s most successful and awarded sustainability initiative was launched in 2019 to promote biking as an environmentally-sustainable mobility solution that also has an impact on health and wellness. Among its previous projects was an art installation of bike racks that reflected the rich history and culture of locations like Rajah Sulayman Park, Kartilya ng Katipunan, and Intramuros in Manila; plus, the first-ever solar-powered pit stop and bike lanes along Ortigas Avenue in partnership with the City of San Juan. It also launched The BikeYard in Bonifacio Global City in Taguig as a dedicated hangout place with bike repair facilities for cyclists.
This year, the Ride Safe Program has expanded to include a livelihood component that offers bike maintenance repair training for SOS Children’s Village Kaagapay program participants from Iloilo, Cebu, and Tacloban. The Ride Safe 2.0 program included one week of training under Tambay Cycling Hub instructors, together with entrepreneurship and financial literacy mentoring to help them start their own small businesses.
To help bring better nutrition to Filipino families, Allianz PNB Life has partnered with non-profit organization Scholars of Sustenance Philippines (SOS PH) to support its programs that help bridge the gap in food security among vulnerable communities. With this partnership, Allianz PNB Life will sponsor one SOS van that will be used to transport food donations to communities. There will also be a monthly food drive among its employees and management team at the Rescue Food Kitchen, where they
can volunteer to cook and distribute nutritious meals with one of the SOS PH community partners.
Strengthening Market Leadership
With the appointment of President and CEO Joseph Gross, Allianz PNB Life Philippines is well-positioned to continue its growth trajectory and deliver value to customers and stakeholders. Gross brings over 20 years of experience in the insurance industry, having held various senior leadership positions within the Allianz Group.
One of the strategies he employs to strengthen market leadership is to lead Allianz PNB Life to be “digital-by-default” through investments in tools and training programs in order to provide service excellence. The company is building on the digitalization of 99% of insurance policies from paper-based systems and the growth of self-service capability to 40% by the end of 2023. This will be done through the use of AI technology, aided by the convenient access of Allianz Digital tools by its Life Changers and agency force.
His current focus is on sustaining Allianz PNB Life’s growth momentum by ensuring customer-centricity in everything. He says, “We at Allianz PNB Life are committed to our purpose of securing the lives of more Filipinos. To achieve this, we will consistently introduce new solutions and enhance the ease of doing business with us. Working together with our Life Changers and key partners such as PNB, our organization will strengthen our reputation for placing the customer at the center of everything we do.”
