The company has also announced the appointment of Olaf KLIESOW as CEO of the new joint venture, effective from 6th June 2016.
In what concerns the acquisition, it marks ALLIANZ's entry into a fast-growing insurance market with an established distribution network and enhances the group's position in Asia Pacific. A key part of the joint venture between ALLIANZ and PNB is a 15-year bancassurance agreement, which will provide ALLIANZ exclusive access to more than four million customers, across 660 branches in the Philippines. The new entity will operate under the future name of ALLIANZ PNB Life Insurance.
"The culmination of this transaction is a significant milestone for us, and part of our strategic priority to tap growth in Asia's emerging markets. With a valued partner in PNB and under Olaf's strong leadership, I am confident ALLIANZ PNB Life Insurance will accelerate its growth to become the most trusted insurance partner for our Filipino customers", said George SARTOREL, CEO of ALLIANZ Asia-Pacific.
Olaf KLIESOW brings extensive experience to the role and was most recently head of ALLIANZ's Inforce Management and Business Development, Global Life and Health. He will be based in Manila and will be driving ALLIANZ's go-to-market programme to introduce the new brand and its comprehensive product suite to the local market. KLIESOW will be directly reporting into George SARTOREL.
"We're excited to enter the Philippines and to be able to bring ALLIANZ's best-in-class products and services to this market. Combined with the deep knowledge and dedication of PNB Life colleagues, we will pursue a shared commitment to address the financial and protection needs of our customers, and ensure a smooth transition and continued innovation in our customer solutions," said Olaf KLIESOW, CEO, ALLIANZ PNB Life Insurance, Inc.
PNB president Reynaldo A. MACLANG added that the stronger ALLIANZ PNB Life Insurance, Inc. will enable the company to create world-class, more customer-centric products and services aimed at helping the clients achieve the financial security they deserve.
PNB Life Insurance is the 10th largest life insurance company in the Philippines, with new business premiums of Php4.766B in 2015. July 22, 2016 will mark PNB's 100th year in the Philippine banking industry.