Allianz accelerates growth in Asia

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Allianz accelerates growth in Asia, joining forces with Baidu to create innovative digital insurance solutions in China, while launching “Allianz PNB Life Insurance” in the Philippines market

อลิอันซ์ อยุธยา Allianz Ayudhya - baidu-hillhouse-01

Allianz, the major shareholder of Allianz Ayudhya Assurance PCL, strengthens its growth in Asia by announcing the partnership in two key Asian markets. In China, Allianz, Chinese search engine Baidu and Asian investor Hillhouse Capital Group will join forces to establish a nationwide digital insurance company, putting the needs of individuals and companies at its center and offering affordable protection whenever and wherever customers desire.

In Philippines, Allianz and Philippine National Bank (PNB) have reached an agreement to enter into a 15-year exclusive distribution partnership and for Allianz to acquire 51 percent of PNB Life Insurance Inc., the life insurance subsidiary of Philippine National Bank.

The joint venture company will operate under the name of “Allianz PNB Life Insurance, Inc.”.

Allianz, Chinese search engine Baidu and Asian investor Hillhouse Capital Group will join forces to establish a nationwide digital insurance company in China.

The joint venture will use a new business model putting the needs of individuals and companies at its center and offering affordable protection whenever and wherever customers desire.

The joint venture will apply for a nationwide digital license to distribute insurance solutions online. The three partners will design innovative approaches in travel, ecommerce, internet finance, short-term health, lifestyle and potentially also motor insurance in the future.

Already today, China’s economy is highly digitalized and is expected to provide unparalleled opportunities: Market research expects digital premiums to grow from 25 billion euros in 2015 to 107 billion euros in 2020. Allianz, Baidu and Hillhouse will position the new venture to capture this opportunity and leverage the three parties’ strengths.

George Sartorel, CEO of Allianz Asia Pacific, said: “The digital revolution in financial services is happening rapidly in Asia and particularly in China, where the financial services sector is being reinvented. With the speed of innovation that is taking place, we will see the quick disruption of traditional models. Allianz and its partners are at the forefront of this mega trend.”

“Allianz PNB Life Insurance Inc” launched to grow the life insurance business in the Philippines

Apart from growing its insurance business in China, Allianz also reached an agreement with Philippine National Bank (PNB), the country’s 4th largest private local commercial bank in terms of assets and deposits. It is a universal bank providing a full range of banking and other financial services to large corporate, middle market, small and medium enterprises (SMEs) and retail customers. PNB Life Insurance (PNB Life) is the 10th largest life insurance company in the Philippines, with new business premiums of 72 million euros in 2014.

An important part of the joint venture between Allianz and PNB is a 15-year bancassurance agreement, which will provide Allianz exclusive access to more than 660 branches located nationwide, and four million customers. Under the terms of the agreed transaction, Allianz will acquire 51 percent and management control of PNB Life. The joint venture company will operate under the name of “Allianz PNB Life Insurance, Inc.”.

“The Philippines is a very fast-growing insurance market supported by a healthy economic outlook and a large, young population of over 100 million people”, said George Sartorel, CEO Allianz Asia-Pacific. “The transaction with PNB is a unique opportunity to enter into the market with an established distribution network, and it is part of building our strategic business platforms.”

“PNB has always provided innovative care to the Filipinos. Allianz will bring in a lot of experience, technology and new ideas that will benefit our customers and the Philippine market”, said Reynaldo A. Maclang, PNB President. “This venture will allow us to offer world- class protection products and services that cater to the diverse needs of our customers.”

The Philippines market offers significant growth potential for insurance due to low penetration, with premiums at just 1.7 percent of GDP in the Philippines compared to 7.4 percent for Western Europe, 7.6 percent for Singapore or 14.3 percent for Hong Kong. In the last five years (2010-2015) annual premium growth has averaged 19.8 percent in life insurance. In recent years bank distribution has become a dominant channel for insurance products, with banks representing 37 percent of premiums written in 2014 in the Philippines

The acceleration of Allianz business in both markets, reinforces the fact that Asia is one of the key growth engine for the group. Today, Allianz Asia-Pacific is active in 14 markets in the region, offering its core businesses of property and casualty insurance, life and health insurance and asset management. With its more than 32,000 staff, Allianz serves the needs of over 18 million customers in the region. Allianz Asia-Pacific has multiple distribution channels in this region and an agency force of over 50,000 agents. Allianz’s ability to adapt quickly to local needs has been the key to its success.

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