FWD Phl posts record growth

FWD Life Insurance (FWD Philippines) reported a total premium income of P7.65 billion in 2018, a record 68 percent jump from the P4.55 billion posted in 2017. The growth, according to FWD, outpaced the local life insurance industry growth of 13 percent by more than five times.

FWD Life Insurance (FWD Philippines) reported a total premium income of P7.65 billion in 2018, a record 68 percent jump from the P4.55 billion posted in 2017. The growth, according to FWD, outpaced the local life insurance industry growth of 13 percent by more than five times.

As a result, the company’s market share in terms of total premium increased 2.24 percent in 2017 to 3.35 percent last year.

FWD’s first-year weighted premiums, stated in Annual Premium Equivalent (NB APE), surged 54 percent. Again, this surpassed the life insurance industry’s growth of 11 percent for the year.

Unaudited statistics culled from the Insurance Commission (IC) for 2018 showed that FWD’s new business market share rose from 3.5 percent to 4.84 percent, thus boosting its industry ranking to the 8th position. Total assets of FWD stood at P14.68 billion, up from the P9.79 billion recorded in 2017.

FWD Philippines president and CEO Peter Grimes said that the insurer continued to enhance its “challenger brand status” by providing more Filipinos with simple, relevant, and innovative product and servicing propositions.

“In just four full years of operations, FWD has successfully established itself as the industry challenger brand and cemented our status as one of the country’s fastest growing insurers,” he said.

FWD also registered continuous growth in its primary distribution channels last year. The insurer ended the year with 3,000 Financial Wealth Planners (insurance agents) nationwide and 100 Million Dollar Round Table members, which was up by almost 40 percent. Its Bancassurance Financial Solutions Consultants (FSC) sales also grew, thus enabling it to service more clients of Security Bank, which is FWD’s strategic distribution partner.

FWD also continued the expansion of its geographic reach with the addition of six new business hubs in key locations across the country. The additional business hubs include second offices in Cebu and Davao and new locations in Alabang Imus, Malolos and Pasig (Ortigas Center).

News Source: Tribune