Allianz buys 51% of PNB Life Insurance

The Allianz Group has concluded an agreement with the Philippines National Bank (PNB) to acquire 51% of its subsidiary PNB Life Insurance. In this context, the life insurer will change its name to Allianz PNB Life Insurance.
The agreement has granted Allianz the exclusive distribution of bancassurance products on PNB network. The 15-year partnership will provide Allianz with access to more than four million potential customers through the bank's 660 outlets.

The bank distribution has become a dominant network channel in the sale of insurance products in the Philippines. In 2014, it drained 37% of written premiums.