Insurer’s income up 50%

Insurance company FWD Life Insurance’s premium income in 2017 jumped by almost 50 percent, outpacing the industry’s growth last year.

Insurance company FWD Life Insurance’s premium income in 2017 jumped by almost 50 percent, outpacing the industry’s growth last year.

In a statement, the company said its total premium income amounted to P4.55 billion in 2017, up by almost 50 percent from the previous year’s level.

It outpaced the local life insurance industry’s growth rate of 11 percent by more than four times.

The company’s total weighted new business premiums amounted to P1.65 billion, growing 42 percent from the previous year, again outperforming the industry growth rate of 14 percent by three-fold.

Total assets grew to P9.79 billion for the same period, a 59 percent increase, while total investments rose by 73 percent to P8.83 billion.

FWD has more than 100,000 Filipino customers as of end-2017.

“FWD made significant progress in 2017 in our mission to become a leading life insurance player in the Philippines. We achieved substantial growth across most operating metrics but specifically in terms of customer numbers, total premium income, and weighted premium income,” said Peter Grimes, FWD Life Insurance Philippines president and chief executive officer.

“Our progress over the past three years and 2017 market outperformance continues to validate our challenger brand mindset and our vision to change the way people feel about insurance,” added Grimes. 

FWD ended 2017 with 2,200 agents. It also has presence in more than 300 Security Bank branches nationwide.

News Source: Malaya