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FWD Life Insurance Corp., the local unit of Hong Kong-based insurer FWD Group Ltd., posted a double-digit growth in total premiums in 2017 as it continues to expand presence in the Philippines.
In a statement on Wednesday, FWD Life said total premium income reached P4.55 billion last year, up 50 percent from P3.04 billion in 2016, outpacing the life insurance industry’s 11 percent growth.
It was able to increase its market share to 3.5 percent from 1.7 percent in 2016.
FWD Life posted total weighted new business premiums of P1.65 billion, up 42 percent, also outperforming the industry growth rate of 14 percent.
Total assets stood at P9.79 billion, up 59 percent. Total investments reached P8.83 billion, up 73 percent.
FWD Life said it closed 2017 with more than 100,000 Filipino customers.
“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,” FWD Life Insurance Philippines president and chief executive officer Peter Grimes said.
The company’s sales agents also grew to 2,200 from 1,900. It increased the number of financial solutions consultants with bancassurance partner Security Bank Corp. to 200 from 150.
FWD said it has presence in more than 300 Security Bank branches nationwide, providing a wider geographic footprint to service the bank’s clients and support advisors.
News Source: GMA News