A major player is bullish on the life insurance sector on the back of the country’s large and young demographic profile that presents long-term growth opportunity.
The Philippine insurance industry experienced a growth in 2023, with total premium income reaching P454.1 billion, a 7.2-percent increase from P423.61 billion in 2022, according to Allianz PNB Life.
Both life and non-life insurance sectors (property and casualty) contributed to the growth of the insurance sector. While life premiums returned to growth and increased by 5.1 percent, P&C premiums continued their impressive run with a 12.7-percent increase for the second year in a row.
“At Allianz PNB Life, we believe that the life insurance industry’s continuous growth is driven by increased insurance penetration, product customization, digital transformation, and improved financial literacy among Filipinos. Our performance aligns with these trends, showcasing our commitment to advancing the insurance landscape,” said Allianz PNB Life president and chief executive Joe Gross.
Allianz PNB Life introduced a key initiative in 2023- the Core System enhancement designed to pave the way for greater integration and utilization of digital tools and platforms. The company also shifted its focus towards protection and health insurance products, catering to the evolving needs of Filipinos.
Gross outlined key areas of focus—growth, transformation and fostering sustainable customer relationships. These also include achieving topline growth driven by offerings focused on regular pay protection, health and long-term savings.
He said the company would prioritize simplifying product offerings, utilizing digital tools for both policy management and customer service, while maintaining a human touch in sales and customer interaction.
Allianz PNB Life aims to achieve best-in-class sales performance, quality and productivity within their distribution network. Allianz PNB saw a 28-percent increase in net income, 2-percent growth in gross written premiums and a rise to 7th place in the industry with a new business premium of P1.1 billion in the first quarter of 2024.
AZPNBL chief distribution officer Chris Cabognazon said 2023 was a stellar year for the agency, ending the year with 1,684 sales agents and servicing 169,001 customers in 17 business centers nationwide.
“The Philippine population of over 117 million and its young demographic profile presents a long-term growth opportunity for our life-changing work. As a trusted Health and Protection company we are expanding the need to serve more market segments by accelerating transformation and value creation, maximizing channel growth, and driving the growth of our customer base through expansion and professionalization of our distribution network,” he said.
