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Manila Bulletin devider Business devider Banking & Finance devider High single-premium sales drive double-digit growth for Allianz PNB Life

High single-premium sales drive double-digit growth for Allianz PNB Life

Published Aug 12, 2025 12:02 pm
Allianz PNB Life, Inc., the local life insurance arm of Germany-based financial services giant Allianz, posted a double-digit increase in gross premium income to ₱19 billion in the first half of 2025 on the back of high single-premium insurance (SP) sales and an increase in earnings from renewal premiums.
According to the data disclosed by the life insurer on Monday, Aug. 11, the total premium income for the first semester was 14 percent higher than ₱16.6 billion in the same period last year.
Allianz PNB Life’s net income also increased by 14 percent to ₱18.9 billion from last year’s ₱16.6 billion, citing similar drivers that pushed the hike in its gross premium earnings.
Its new business annual premium equivalent (NBAPE) stood at ₱2.3 billion, nine percent higher than last year’s ₱2.1 billion. The insurer mainly attributed this increase to high SP sales from Philippine National Bank (PNB), both SP back-end load (BEL) and front-end load (FEL).
SP sales refer to one-time lump-sum payments for insurance policies, unlike regular premium plans that require periodic payments over time.
Meanwhile, its net earnings dropped by nearly a third or 29 percent from its net income a year ago, falling to ₱412.9 million from ₱578 million in the first semester last year. This was blamed on “higher operating expenses (OPEX) to support growth in business and higher income tax.”
During the six-month period, the insurer also invested a total of ₱18.7 billion, 11 percent higher than last year’s ₱16.9 billion. Allianz PNB Life attributed these higher investments to an increase in the insurer’s investment in available-for-sale (AFS) bonds.
Allianz PNB Life President and CEO Joseph Gross noted that despite having a population of over 117 million, insurance penetration in the Philippines remains around two percent, which he said the insurer sees as an opportunity to expand its reach.
“The Philippines is an important market in the Allianz Asia Pacific network,” Allianz Asia Pacific Regional CEO Anusha Thavarajah said during the insurance firm’s official opening of its new corporate headquarters at One Ayala, Makati last Friday, Aug. 9.
Thavarajah said the insurer’s “strong performance reinforces our confidence in the region and supports its goal to become the most trusted insurance partner.
In an Aug. 9 statement, Allianz PNB Life said the opening of its new headquarters reflects the firm’s “readiness to scale operations and strengthen its position as a leading player in the Philippine life insurance industry.”
Allianz PNB Life, Inc. was created in 2016 through a joint venture between Allianz Group and PNB, after Allianz acquired a 51-percent stake in PNB Life. The partnership is now in its ninth year.
Earlier this year, reports showed that the company’s assets under management (AUM) are expected to grow by 12.5 percent to ₱135 billion in 2025 from ₱120 billion in 2024.
As of end-2024, the insurer placed sixth with ₱132.6 billion in total invested assets and ranked 14th in net worth at ₱3.3 billion. It also ranked as the 11th largest life insurer in the country by net income, posting ₱981.6 million in 2024.

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