Allianz PNB Life: Filipino families need to close P1.

17-
million ‘protection gap’
businessmirror.com.ph/2017/02/23/allianz-pnb-life-filipino-families-need-to-close-p1-17-million-protection-gap/

Companies

byBusinessMirror
February 23, 2017

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Dr. Olaf Kliesow, Allianz PNB Life chief executive officer, delivers a speech during the opening of their offices Philippine headquarters
in Makati City.

THE recent GDP growth results and its optimistic growth projections for the country in the coming year continue to bolster the
Philippines’s reputation as one of the region’s economic tigers.

With the administration set to present its socioeconomic blueprint, Allianz PNB Life Insurance Inc. CEO Olaf Kliesow said the
country’s growth momentum should be supported by investments in adequate financial protection.

“With the Philippines expected to maintain its position as the fastest-growing economy in Southeast Asia, it is even more imperative
that families have the adequate financial support and protection they need. Families in the Philippines continue to face the threat of
substantial financial hardship should the breadwinner pass away, which we refer to as the ‘protection gap’,” Kliesow said.  “In the
Philippines this protection gap is estimated to be at P24 trillion [$480 billion], or P1.17 million per household. This financial instability
is worrisome, as it makes Filipino families vulnerable to life events, such as critical illnesses.”

Allianz PNB Life Insurance currently offers various protection solutions, which include:

Diversify Peso—a regular-pay, whole-life policy that allows investors to invest in funds while enjoying the security of
insurance protection worth at least five times the basic annual regular premium;
Optimum Gold—a peso-denominated, single-pay whole life unit-linked plan; and
Optimum Green—a US Dollar-denominated single-pay whole-life unit-linked plan.

Kliesow said Allianz PNB Life Insurance Inc. is looking into expanding its portfolio to include more health and microinsurance
products to help Filipinos reduce the protection gap. He said such measures are crucial for Filipinos to sustain their financial gains.

“Despite the positive macroeconomics, only one in three Filipinos have a bank account. Filipino families need to be able to acquire
viable alternatives for protection, sustaining them through key milestones or unexpected events,” Kliesow said. “Through our
partnership with PNB, we hope our life and health-insurance expertise and their knowledge of the Philippine market would help us
provide more Filipinos with the knowledge and tools they need to secure a better future for their families.”

Allianz PNB Life Insurance Inc. (Allianz PNB Life) has been in Philippines since 2001. After a series of acquisitions and renaming,
the new joint-venture company was renamed Allianz PNB Life following Allianz’s acquisition of 51 percent in PNB Life Insurance Co. 
The company has been ranked among the top 10 life-insurance companies by new business each year from 2011 to 2014 and is a
leading provider of investment-linked insurance plans, complemented by a suite of individual- and group-protection products. Allianz
PNB Life currently has over 100 employees and 400 financial advisors and sales managers with 10 sales offices nationwide.

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