Allianz PNB Life profit up 47 percent in Q3

MANILA, Philippines — Allianz PNB Life, the joint venture between the Philippine National Bank and international insurance provider Allianz, reported a 47-percent jump in earnings in the third quarter of the year.

In a statement, Allianz Asia-Pacific said Allianz PNB Life’s significant growth contributed to the upward trajectory of its operations in the region.

Data from the insurance firm showed that Allianz PNB Life registered a net income of P838 million in the third quarter. 

In addition, the Philippine unit’s gross written premium (GWP) surged by 29 percent to P26.18 billion while new business annual premium equivalent (NBAPE) jumped by 32 percent, totaling P3.3 billion.

“This steady growth reinforced its industry standing, maintaining fourth place in GWP and improving its NBAPE ranking to seventh from eighth,” Allianz Asia Pacific said.

In the first nine months, of the year, Allianz Asia-Pacific reported that its life/health business has shown steady growth in business volume, with new business value (NBV) surging by 35 percent to €520 million and annualized premium (ANP) rising by 14 percent to €892 million.

The property-casualty business, on the other hand, achieved a 12-percent increase in total business volume to €1.5 billion, contributing to a nine percent rise in operating profit to €129 million.

“Our nine million results reflect Allianz Asia Pacific’s unwavering commitment to making insurance more accessible across all segments of society,” Allianz Asia Pacific regional chief executive officer Anusha Thavarajah said.

“Through sustained efforts in executing our Pinnacle strategy, we continue to strengthen our distribution channels, broaden our product and service offerings, and leverage our established strengths to meet the evolving needs of customers in the region,” Thavarajah said.

She said the company has also been recognized as one of the top 25 World’s Best Workplaces globally, with Allianz SE, Singapore branch, and Allianz Insurance Singapore honored as Best Workplaces in Singapore.

“This recognition underscores our commitment to fostering a purpose-driven environment, empowering our people, and building an engaged workforce dedicated to delivering positive outcomes for those we serve,” Thavarajah said.

She stressed the company’s strong results and accolades highlight the strength of its business strategy and its deep-rooted expertise in Asia Pacific.

“We remain steadfast in delivering innovative and sustainable solutions for our customers, ensuring we continue to create value and strengthen trust across the region,” the Allianz official said.