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FWD Life Philippines reported that its premium income grew by more than a third last year despite the industry’s overall downturn.
In a briefing, Peter Grimes, FWD Philippines president and chief executive said the company registered a 35 percent growth in premium income last year to P3.04 billion.
In 2016, the local life insurance sector faced some headwinds with its total premium income declined by three percent over the previous year.
“Despite the slight overall industry downturn, FWD continued to grow by focusing on our vision and core operating strengths, leveraging technology and business and product innovation as our primary growth drivers,” Grimes said.
He also noted that FWD is now one of the country’s fastest growing insurers, while its paid in capital is the highest among the players in the country at P2.3 billion.
Likewise, FWD’s total assets grew by 67 percent to P6.14 billion last year, while total investments grew more than double to P5.09 billion.
FWD’s new business annual premium equivalent also rose by 53 percent in 2016 and its individual life customer base increased to more than 20,000 as of December last year.
In 2016, FWD also expanded its two main distribution channels by growing its agency sales-force to almost 1,900 agent, while its financial solutions consultants grew from 90 to over 150.
For this year, Grimes said FWD plans to continue expanding its network by opening up a number of new business hubs in key locations and provinces. In the first-quarter, the company opened its office in Santiago, Isabela.
Overall, Grimes said FWD is looking at driving further growth by making insurance more relevant and easier to understand and buying insurance a more accessible, convenient, and engaging experience for customers.
“Whilst the first quarter of 2017 has continued with strong momentum for FWD, our mission remains the same: To be a challenger brand, drive innovation, and change the way Filipinos feel about insurance,” Grimes said.
By: Chino S. Leyco
Soruce: Manila Bulletin