Allianz PNB reports double-digit growth as insurance demand expands

The insurance company is banking on financial education ‘to protect more Filipinos.’

After a strong 2024 and an even stronger third quarter, the life insurance market is heading into 2026 with expectations of sustained momentum. One major player says that pace carried through 2025, helped by wider customer reach and deeper partnerships.

Allianz PNB Life said it is confident it posted double-digit growth across its business last year. Chief executive officer Joseph Gross said the company has been tracking the momentum seen in the third quarter, when earnings jumped 47 percent.

Data from the Insurance Commission showed net income reached ₱838 million in the third quarter, up from ₱570 million a year earlier.

Numbers surge

The insurer underwrote ₱26.18 billion in gross premiums, a 29 percent increase, while new business annual premium equivalent rose 32 percent to ₱3.3 billion.

“We always try to outperform the market. So if the market grows by x percent, we always outperform them,” Gross said.

Chief financial officer Lukas Cacayan said the company is aiming to sustain double-digit growth this year and beyond, while managing risks through global standards in capital, governance, and enterprise risk management.

“There will always be risks, definitely. But we are not just a Filipino company. We are best equipped globally… to create more value and protect more Filipino families,” Cacayan said.

Filipino insurance penetration

Gross also pointed to the industry’s low penetration rate of around 1.4 percent despite a population of about 115 million, calling it a clear growth opportunity.

“If you take the people that have an investable or disposable income big enough to afford insurance, that’s still huge,” he said, adding that many families remain financially vulnerable if something goes wrong.

He said the company is focusing on simplicity, transparency, and affordability to encourage more Filipinos to get insured.

“People want transactions to be simple and intuitive. Make my life easy. And if I’ve got an issue, sort it out,” Gross said.

MaPanatag project

Chief marketing officer Gino Riola said the company is also rolling out products aimed at underserved segments, including single mothers.

One of these is MaPanatag, a basic and more affordable product designed to make insurance more accessible to single mothers who may not have considered coverage before.

As insurers push to grow beyond a still-small penetration base, the real test will be whether expansion translates into broader, more durable coverage rather than just higher topline numbers. With household budgets under pressure and financial risks rising, sustained growth in the sector will hinge less on ambition and more on how effectively insurers can keep products affordable, understandable, and relevant to everyday Filipino families.

 

 

The insurance firm also underwrote a gross premium of ₱26.18
billion, up 29 percent, while new business annual premium equivalent surged 32 percent to P3.3 billion.

 

 

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