German financial insurance company, Allianz, has acquired 51% of Philippine National Bank's (PNB) PNB Life Insurance and entered into a 15-year exclusive distribution partnership; the sale was finalised on December 21. “The Philippines is a very fast-growing insurance market supported by a healthy economic outlook and a large, young population of over 100 million people”, said Allianz Asia-Pacific chief executive George Sartorel. The joint venture company will be named Alliance Life.
German financial insurance company, Allianz, has acquired 51% of Philippine National Bank's (PNB) PNB Life Insurance and entered into a 15-year exclusive distribution partnership; the sale was finalised on December 21. The joint venture company will be named Alliance Life.