CAGAYAN DE ORO CITY – Amid the failure of several insurance companies to maintain higher net worth requirement, an international insurance firm has assured that it is financially stable and capable of sustaining operations as it expands presence in Mindanao.
Track record and longevity in the business are one of Allianz PNB Life Insurance’s advantages as it branches out in Mindanao, said the firm’s regional business manager for Mindanao Noel Berdeprado.
According to the Insurance Commission, among those that ceased operations and gave up their business licenses are six non-life companies, namely, Centennial Guarantee Assurance Corp., FLT Prime Insurance Corp., Manila Surety and Fidelity Co. Inc., Meridian Assurance Corp., Solid Guaranty Inc. and United Insurance Co. Inc.
A life insurance firm, CAP Life Insurance Corp. also surrendered its license to engage in said business, the Insurance Commission added.
In its Feb. 15 advisory, Insurance Commissioner Dennis Funa has also warned companies who are practicing “unsafe and unsound” practices.
These gloomy developments have not discouraged Allianz PNB from putting up branches in the countryside, Berdeprado said.
He noted that Allianz PNB is among the top insurers in the Philippines, with 18 million customers in the Asia Pacific region alone. In 2016, the company had gross written premium of 125 billion euros and has an operating profit of 10.8 billion euros.
In Region 10, Berdeprado said Cagayan de Oro has been chosen as Allianz PNB’s primary base of operations in the island.
“Being the regional center and logistics and business hub of Northern Mindanao, the city is one of the most progressive and competitive cities in the Philippines. Allianz is making the strategic decision to grow its agency channel in Mindanao starting in Cagayan de Oro,” said Allianz PNB Life president and CEO Dr. Olaf Kliesow in a press conference held here recently.
Kliesow said Allianz PNB Life advocates financial literacy saying they would like more Filipinos “to have a financially secured future.” (Jigger J. Jerusalem/PNA)
