ALLIANZ PNB Life Insurance, Inc. said its net profit could reach P1 billion this year, backed by its aggressive customer growth targets.

Profitability will be driven by growth from bancassurance partnerships, improved efficiencies following the implementation of new core systems, and enhanced employee productivity, Allianz PNB Life Chief Marketing Officer Gino Riola told reporters in a Viber message.

“We are on target with our top three metrics: ANP (annualized new premiums), we’re doing well; gross written premium; new business value and customer acquisitions,” he told reporters on the sidelines of an event last week.

Allianz PNB Life’s net income dropped by 29% to P412.91 million in the first half from P578.03 million in the same period last year.

It booked a gross premium income of P19.01 billion in the period, rising by 14% year on year. Its net premium income, which is net of reinsurance, also went up by 14% to P18.91 billion in the period.

Mr. Riola said the insurer aims to double its customer base, which currently stands at 200,000, in three years,

“What we are also wanting to do is make sure that we work with our customers in terms of growing in terms of their lifestyle. What that means is we will look to launch new products, funds, and propositions not only to new customers, but work with our current clients.”

The company is also planning to partner with local government units in the coming years to aid its customer growth goals.

He said the insurer will not increase the share of traditional policies but retain its current rotation as it caters to its different distribution partnerships.

Aside from the Philippine National Bank (PNB), Allianz also has a regional bancassurance partnership with Hongkong and Shanghai Banking Corp. (HSBC), which focuses on serving high net-worth clients. It also has an agency segment.

“With those segments, we want to make sure that our propositions are very much custom tailored to, let’s say, high net worth for HSBC. For PNB, you would have the upper middle. And then for our agency force, which we are reshaping, we want to make sure that for the different segments that we are targeting, that we have very specific propositions. But again, to answer your question, no, Allianz is not looking towards more traditional lines of insurance. Not for us,” Mr. Riola said. — A.M.C. Sy

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