German financial services company Allianz has completed another emerging markets deal, emphasising its hunger to seize more market share in the quickly expanding Asian insurance market.
Allianz has announced the completion of the 51 percent stake of PNB Life Insurance, the life insurance subsidiary of Philippine National Bank.
Asia has been targeted as one of the Munich based firms key growth markets. This latest acquisition marks Allianz's entry into a rapidly growing insurance market with an established distribution network.
Emerging Market Growth
In a press release the company concurrently announced the appointment of Olaf Kliesow as CEO of the new joint venture, effective 6th June 2016.
«The culmination of this transaction is a significant milestone for us, and part of our strategic priority to tap growth in Asia’s emerging markets. With a valued partner in PNB and under Olaf's strong leadership, I am confident Allianz PNB Life Insurance will accelerate its growth to become the most trusted insurance partner for our Filipino customers,» said George Sartorel, CEO of Allianz Asia-Pacific.
