The Allianz PNB Life joint venture (JV) has teamed up with banking major HSBC to increase insurance coverage in the Philippines, reported the Philippine Star.

HSBC Wealth and Allianz PNB Life, a JV between Allianz and Philippine National Bank, has signed an exclusive insurance distribution partnership for 14 years.

The alliance includes the distribution of life insurance products to HSBC customers in the Philippines.

In July 2023, Allianz PNB Life chief marketing officer Gino Riola announced that the life insurer was going to form an exclusive collaboration with a different bank to better meet demand through distribution.

Established in 2016 as a subsidiary of Germany’s Allianz Group, Allianz PNB is a key life insurance company in the Philippines.

According to Allianz PNB Life CEO Joe Gross, the partnership would enable the company to provide more health and protection product offerings, as well as better customer experiences for high-net-worth clients.

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Gross was quoted as saying: “This strategic partnership solidifies our position as a leading business partner and further supports HSBC Group’s ambition to be the leading wealth manager in Asia.”

Bancassurance currently accounts for the majority, or roughly 80%, of Allianz’s sales due to the nature of the JV.

With the assistance of more than 260 staff members and over 2,500 financial advisers, Allianz PNB Life runs 11 business centres across the nation to assist policyholders.

HSBC Wealth vice-chairman Peter Faulhaber, according to the Manila Times, said the company’s alliance with Allianz will offer clients a variety of products and services to suit their daily needs.

Faulhaber said: “Valued customers will benefit from personal and holistic wealth management services available through relationship managers in Wealth Hubs and Digital channels.”