Best's Insurance News & Analysis subscription required - June 07, 2016 10:40 AM Allianz SE has completed its 51% stake acquisition of PNB Life Insurance Inc., the life insurance subsidiary of Philippine National Bank, and has appointed Olaf Kliesow as the chief executive . . . -- This content requires a subscription -- Login Register your purchase
Allianz has completed a 51% acquisition of PNB Life Insurance, marking Allianz's entry into the insurance market and enhancing its position throughout Asia. The deal is valued at $US1.05 billion ($A1.052 billion), or about $1.20 per share. The new entity, Allianz PNB Life Insurance, will operate across 660 branches in the Philippines.