Allianz PNB Life Insurance, a joint venture between the German multinational insurer and Philippine National Bank, has signed an insurance distribution deal with HSBC Insurance Brokers (Philippines).
This move is part of Allianz’s initiative to expand its footprint in the Southeast Asian region, where the growth of the middle class gives insurers excellent opportunities for expansion.
“Our partnership with HSBC will allow us to help Filipino families find financial solutions for every need and life stage,” PNB Life president and chief executive officer Olaf Kliesow said in a press statement. “Through this partnership, we hope to help more families reduce the protection gap.”
“This (distribution arrangement) will ensure that the quality of life will continue to improve from generation to generation,” added Wick Veloso, HSBC Philippines president and CEO.
HSBC has a network in the Philippines of 10 branches located in the country’s three largest metropolitan areas: Manila, Cebu, and Davao.
The partnership will first offer the Wealth Power product, a single-premium investment-linked life insurance policy available in both Philippine peso and US dollar currencies. Dollar-denominated funds managed by Allianz Global Investors will also be offered soon.
Allianz PNB Life is a joint venture resulting from Allianz’s acquisition of a 51% stake in PNB Life Insurance Company. It primarily offers investment-linked insurance plans, as well as a range of individual and group protection products.
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