Allianz PNB Life aims to post double-digit growth in premiums

ALLIANZ PNB Life Insurance, Inc. targets to continue growing its premiums this year and next as it wants to post strong performances across all its product segments.

-  Aaron Michael C. Sy

The insurer is targeting “double-digit” premium growth this year, Allianz PNB Life Officer-in-Charge Chief Financial Officer Lukas Immanuel M. Cacayan told reporters on the sidelines of an event on Friday.

“We have ambitious targets for this year and next year on all fronts, all products,” Mr. Cacayan said.

The insurer booked a gross premium income of P19.01 billion in the first half, rising by 14% year on year from P16.64 billion in the same period last year.

Its net premium income, which is net of reinsurance, likewise rose by 14% to P18.91 billion in the period from P16.55 billion.

These came on the back of high single premium insurance sales from Philippine National Bank (PNB) and an increase in renewal premiums earned following the growth in real premiums posted by its agency and bancassurance channels in 2023.

“Drivers were due to the push from the product side, service side, and operational side as well as distribution overall,” Mr. Cacayan added.