Allianz, a Germany-based financial services company, has acquired a 51% stake in PNB Life Insurance from the owner Philippine National Bank (PNB).

Upon completion of the transaction that involved the sale of 12,750 shares of stock of PNB Life, the joint venture company will be formed and rebranded as Allianz PNB Life Insurance, according to PNB.

The JV agreement also includes is a 15-year bancassurance agreement, which will give Allianz exclusive access to over 660 PNB branches located across the Philippines and four million customers.

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."

PNB President Reynaldo Maclang said: "This venture will allow us to offer world-class protection products and services that cater to the diverse needs of our customers."