Business insurance

Allianz PNB optimistic about insurance growth

MANILA, Philippines — Allianz PNB Life is optimistic that the insurance market will continue to grow this year after its strong performance over the past two years.

In an interview with The STAR, Allianz PNB Life President and CEO Alexander Grenz said that one of the positive results of the pandemic is that people have realized the importance of seeking protection from health.

“It’s very much about protection and health now,” Grenz said, referring to Filipinos’ appreciation for insurance in general. He said it was an offshoot of two years into the pandemic when people realized the importance of health insurance.

In 2021, Allianz PNB Life recorded 30 billion pesos in gross written premiums, almost double compared to the previous year.

“This strong performance was the strongest since the establishment of our joint venture with PNB in ​​2016,” Grenz said.

He said he expects continued growth this year, given increased awareness of the importance of protection and consumers’ higher propensity to invest in insurance.

The Insurance Commission said life insurers posted record total premiums of P374.7 billion in 2021, up 21.6 percent from 2020.

Benefits paid to customers jumped 41.9 percent to P139.8 billion, the IC also said.

Against this backdrop, Allianz PNB Life was again the fastest growing life insurer in the country, recording a remarkable 47% year-on-year increase in annualized net premiums and a double-digit increase in new customers. .

The company also continued to develop its digital system to make it simpler and easier for its policyholders to access its products and services, Grenz said.

These initiatives include improving e-payment and e-policy issuance standards to facilitate self-help solutions.

“We’ve seen better customer engagement and more customer responsiveness,” he said.

Allianz PNB Life has been ranked by the Insurance Commission as the fourth best performing insurance company in the Philippines, based on annualized new premiums (ANP) and gross written premiums (GWP) for 2021.

The joint venture’s 2021 ANP ranking is four places higher than the previous year, while the company’s GWP ranking is up three places from 2020.