Allianz has received approval from the Philippines Insurance Commission (IC) to acquire a 51% stake in the life insurance subsidiary of Philippine National Bank (PNB).
PNB Life Insurance provides a range of variable life products, in addition to the individual and group life protection offerings to its customers.
The deal was first announced last December. Upon completion of the transaction, the joint venture firm will be named as Allianz PNB Life Insurance.
Claimed to be the tenth largest life insurance company in Philippines, PNB Life Insurance generated new business premiums of €72m in 2014.
At the time of acquisition, Allianz Asia-Pacific CEO George Sartorel said: "The Philippines is a very fast-growing insurance market supported by a healthy economic outlook and a large, young population of over 100 million people.
"The transaction with PNB is a unique opportunity to enter into the market with an established distribution network, and it is part of building our strategic business platforms."
Allianz had also entered into a 15-year exclusive bank distribution agreement with Philippine National Bank, which is claimed to be the fourth largest private local commercial bank in the country.
Image: PNB Life Insurance offers a wide range of variable life products. Photo: courtesy of fantasista / FreeDigitalPhotos.net.