ALLIANZ PNB Life Insurance, Inc. has launched a product suite for single parents that includes a life and health protection plan and exclusive benefits.

Allianz PNB Life Chief Marketing Officer Gino Riola said the MaPanatag initiative is part of the company’s push to boost insurance penetration.

“Our purpose is to secure the future of Filipinos, which we’re constantly reminded is below 2% in the Philippines, in a country of 117 million people,” he said at the launch event on Thursday.

“So, the proposition is actually composed of three main components. All of these components are meant to address the worries and anxieties of single moms,” Allianz PNB Life Sustainability Head Aileen C. Dionisio said at the event.

Ms. Dionisio said the plan is available for as low as P970 a month.

“We wanted it to be a starter for them to get them into the habit of getting protection and security for themselves and their families. And we wanted to make sure also that it’s something they can afford,” she added.

The initiative includes eAZy Health, a renewable life and health protection plan that covers critical illness, accidental health, disability, dismemberment, and total permanent disability.

Meanwhile, HerBox is a set of exclusive benefits for single moms, including a wellness benefit of P2,000 in the first year and P1,000 annually from years two to five, as well as discounts and perks from partner clinics, pharmacies, wellness services, and mom-and-baby essentials.

“Herbox is an ecosystem that we built that’s enabled by Healthbox, which is something that we already have, but we reinforced it with other partners that will really specifically cater to single parents and their kids,” Ms. Dionisio said.

The initiative also gives single parents access to join the Allianz distribution team, allowing them to gain additional income.

“We of course understand that financial independence or financial worries are something that’s big for single moms, and that’s what we wanted to address by opening our doors to them. So, if they are interested and they qualify, they can join our distribution force. So that’s something that we would like to offer them also as an option because this is something that will help them become more confident with their finances,” Ms. Dionisio said.

Allianz PNB Life 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.

Meanwhile, its net income dropped by 29% to P412.91 million in the first half from P578.03 million. — A.M.C. Sy

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