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 15-year bancassurance agreement between the companies presents Allianz with access to over 4m customers while providing products and services to the Philippine market. The new entity, Allianz PNB Life Insurance, will operate across 660 branches in the Philippines.