NEWS AND EVENTS
Allianz PNB Life: Filipino families need to close Php1.17M ‘protection gap’
Allianz-PNB Life Insurance Inc. CEO Olaf Kliesow formally welcomes guests to the Allianz PNB Life Insurance head office at Allied Bank Center
in Makati City. In his speech, Kliesow highlighted the need for Filipinos to invest in protection to prepare for major and unexpected life events.
MANILA, Philippines, 7 February 2017—The recent gross domestic product (GDP) growth results and the optimistic GDP growth projections for the Philippines for the upcoming year continue to bolster the Philippines’ reputation as one of the region’s economic tigers. With the administration set to present its socioeconomic blueprint, Allianz PNB Life Insurance Inc. CEO Olaf Kliesow highlighted that the country’s growth momentum should be supported by investments in adequate financial protection.
“With the Philippines expected to maintain its position as the fastest-growing economy in Southeast Asia, it is even more imperative that families have the adequate financial support and protection that they need. Families in the Philippines continue to face the threat of substantial financial hardship should the breadwinner pass away, which we refer to as the ‘protection gap’,” Kliesow explained.
“In the Philippines, this protection gap is estimated to be at Php24 trillion (USD480 billion) or Php1.17 million per household,” he added. “This financial instability is worrisome, as it makes Filipino families vulnerable to life events such as critical illnesses.”
Allianz PNB Life Insurance currently offers various protection solutions, which include:
- Diversify Peso - a regular-pay, whole life policy which allows investors to invest in funds while enjoying the security of insurance protection worth at least five times the basic annual regular premium
- Optimum Gold - a peso-denominated, single-pay whole life unit-linked plan
- Optimum Green - a US Dollar-denominated single-pay whole life unit-linked plan
Kliesow further noted that Allianz PNB Life Insurance Inc. is looking into expanding its portfolio to include more health and microinsurance products to help Filipinos reduce the protection gap. He pointed out that such measures are crucial for Filipinos to sustain their financial gains.
“Despite the positive macroeconomics, only one in three Filipinos have a bank account. Filipino families need to be able to acquire viable alternatives for protection, sustaining them through key milestones or unexpected events,” added Kliesow. “Through our partnership with PNB, we hope that our life and health insurance expertise and their knowledge of the Philippine market would help us provide more Filipinos with the knowledge and tools that they need to secure a better future for their families.”
About Allianz PNB Life Insurance
Allianz PNB Life Insurance Inc. (Allianz PNB Life) has been in Philippines since 2001. After a series of acquisitions and renaming, the new JV company was renamed as Allianz PNB Life following Allianz’s acquisition of 51% in PNB Life Insurance company. The company has been ranked among the Top 10 life insurance companies by new business each year from 2011 to 2014 and is a leading provider of investment-linked insurance plans, complemented by a suite of individual and group protection products. Allianz PNB Life currently has over 100 employees and 400 financial advisors and sales managers with 10 sales offices nationwide.
Together with its customers and sales partners, Allianz is one of the strongest financial communities. About
85 million private and corporate customers insured by Allianz rely on its knowledge, global reach, capital strength
and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against
risks. In 2015, around 147,000 employees in over 70 countries achieved total revenues of 125.2 billion euros and
an operating profit of 10.7 billion euros. This business success with insurance, asset management and assistance
services is based increasingly on customer demand for crisis-proof financial solutions for an aging society and the
challenges of climate change. Transparency and integrity are key components of sustainable corporate
governance at Allianz SE.
About Allianz in Asia
Asia is one of our three major growth regions. It is characterized by a rich diversity of cultures, languages and customs. Allianz has been present in the region since 1910, providing fire and marine insurance in the coastal cities of China. Today, Allianz 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 across multiple distribution channels and platforms.
About Philippine National Bank
Philippine National Bank (PNB) 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. The Bank is a
publicly listed company with a broad shareholder base. In February 2013, PNB merged with Allied Banking
Corporation to create the fourth largest private universal bank in terms of assets and deposits. To date, PNB has
669 branches and 954 ATMs strategically located nationwide. It has the most extensive international presence
among Philippine banks with 70 overseas branches, representative offices, remittance centers, and subsidiaries
in key cities in the United States, Canada, Europe, the Middle East, and Asia. As PNB celebrates its centennial year in 2016, the Bank is poised to move forward in the industry by becoming a more dynamic, innovative, and customer-centric, providing service excellence to Filipinos all over the world.