Allianz completes 51% acquisition deal over PNB Life Insurance

German insurer Allianz SE has completed a 51 percent acquisition of PNB Life Insurance Inc., following regulatory approvals.

PNB Life is a subsidiary of Philippine National Bank (PNB).

"A key part of the joint venture between Allianz and PNB is a 15-year bancassurance agreement which will provide Allianz exclusive access to more than four million customers, across 669 PNB and PNB Savings Bank branches in the Philippines," the bank noted in a joint statement on Tuesday.

The new joint venture will be known as Allianz-PNB Life Insurance Inc. – subject to regulatory approvals on the name change – with Olaf Kilesow as CEO.

In a filing with the Philippine Stock Exchange last December, the Lucio Tan-owned PNB said it sold 12,750 shares of stock of PNB Life to Allianz equivalent to 51 percent of the issued and outstanding capital stock of PNB Life.

PNB Life is the 10th largest life insurer in the Philippines, with new business premiums of P4.766 billion in 2015.

Parent PNB is the 4th largest private universal bank in the country, and will mark its 100th anniversary next month. – VDS, GMA News