ALLIANZ PNB Life (AZPNBL) Insurance Inc. reported a 64-percent increase in its net income in the first half of the year and is banking on bancassurance to drive customer growth.
In a news briefing last Wednesday, AZPNBL President and CEO Joe Gross said the insurer also improved its ranking in terms of new business annual premium equivalent (Nbape), a key metric used to measure sales volume, placing third among local life insurance companies, up from seventh in the first half of 2025.
AZPNBL posted P4.59 billion in Nbape in the first half, a 98-percent increase year-on-year, Gross said, citing data from the Insurance Commission.
He added that the insurer is on track to meet or even surpass nearly all of its full-year targets given its strong performance in the first semester. He also expects double-digit growth in net income and customer base, both this year and in the years ahead.
‘Our estimate is that we’re number one in bancassurance,’ Gross added. ‘[We have] a strong bancassurance channel that is growing.’
The company broadened its network of Financial Solutions Specialists (FSS), with almost 500 FSS serving more customers across PNB branches nationwide.
Gross said the insurer will continue its strategy of strengthening its bancassurance partnerships to broaden its customer base.
‘The purpose of Allianz, globally, is to secure people’s future. You can only do that if people trust you. You have to deliver on the promise every single day to every single customer worldwide,’ he said.
‘It’s a volatile world. We’ve got geopolitical unrest, trade wars, real wars in Ukraine and in the Middle East. We have oil supply shortages,’ Gross said. ‘[People] seek stability. They seek protection. And ultimately, what people will seek is trust.’
German insurance giant Allianz forged a joint venture with the Philippine National Bank for a 15-year bancassurance agreement to provide the insurer with distribution channels for its products and to operate AZPNBL.
AZPNBL also has an exclusive distributorship arrangement with HSBC Investment and Insurance Brokerage, Philippines Inc., offering insurance propositions to HSBC Wealth clients.