Allianz PNB Life Insurance partners with HSBC for distribution

MANILA, Philippines – Allianz PNB Life Insurance teamed up with a unit of HSBC Philippines in a tie-up that brings together two of the largest financial services in the world.

Allianz PNB’s agreement with HSBC Insurance Brokers Incorporated, announced on Wednesday, July 5, will allow Allianz to offer insurance products and services to HSBC customers and is part of Allianz’s move to delve deeper into the Philippine market.

The move began in earnest when the Germany-based global insurance giant acquired 51% of the life insurance business of Philippine National Bank (PNB) in the tail-end of 2015.

“As we pursue our mission of securing financial wellbeing for more Filipino households, finding the right partners to help us develop tailor-fit solutions and provide outstanding customer service is critical,” said Allianz PNB president and chief executive officer Olaf Kliesow in a statement.

For his part, HSBC Philippines president and CEO Wick Veloso highlighted that the distribution arrangement would enable more middle-class participation in financial investments.

“As one of the fastest-growing economies in ASEAN, the Philippines will have to add financial protection, investment, and risk management to a foundation strengthened by young demographics and rising education standards,” he said.

The first product that Allianz PNB and HSBC Insurance Brokers will be offering under the brokerage’s general sales program is called Wealth Power, a single-pay, investment-linked life insurance plan available in both Philippine peso and US dollar.

The investments will be made in Asian bond markets, high-quality fixed income securities, or in both fixed income securities and a concentrated portfolio of stocks listed on the Philippine Stock Exchange (PSE), depending on the investor’s investment outlook.

The plan will come with protection coverage of 130% of a customer’s single premium and also gives customers access to dollar-denominated funds managed by Allianz Global Investors, a diversified active investment manager with more than 501 billion euros in assets. – Rappler.com