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Pan-Asian insurer on course towards becoming a leading Philippine life insurance company as it now ranks #10 in terms of weighted new business premium
24 APRIL 2018, Manila, Philippines – Pan-Asian insurer FWD Life Insurance, one of the fastest-growing insurance companies in the country, sustained the growth momentum it has built since its debut in late 2014, posting a total premium income of Php4.55 billion in 2017, up almost 50% from the Company's premium income the previous year. This impressive increase in FWD's total premium income outpaced the local life industry's 2017 growth of 11% by more than four times.
The company also posted total weighted new business premiums of Php1.65 billion for the same period, surging 42% from the previous year, again outperforming the industry growth rate of 14% by three-fold. This enabled FWD to move up to a market rank of 10th in the Philippines, increasing its market share to 3.5% in terms of weighted NB premiums (based on 100% regular-pay and 10% single-pay premium income).
Total assets grew to Php9.79 billion for the same period, a 59% increase, whilst total investments grew to Php8.83 billion, up 73% from year-end 2016.
As of year-end 2017, FWD was already financially protecting the lives of 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,” said FWD Life Insurance Philippines President and Chief Executive Officer Peter Grimes, reflecting on the Company’s 2017 performance.
Peter added, “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.”
Expanding distribution, products, and customer services
2017 was also characterized by significant growth in other key areas of its operations.
FWD ended 2017 with 2,200 agents, more than doubled the number of its Million Dollar Round Table (MDRT) with over 80 qualifiers, and almost 200 Bancassurance Financial Solutions Consultants (FSCs), the company's Security Bank-based insurance advisors. Currently, FWD has presence in more than 300 Security Bank branches nationwide, providing a wider geographic footprint to service the banks clients and support advisors.
2017 witnessed FWD’s continuing commitment to further expanding its Philippine business. Notable milestones included the full launch of the company’s group insurance business, FWD Corporate Care, introduction of more variable unit-linked (VUL) insurance variants, specifically a US Dollar version of “All Set Higher”, and the launch of FWD's comprehensive critical illness plan "Set for Health”. As proof that changing the way people feel about insurance is at the core of its business, FWD started a 24/7 Live Chat customer hotline and significantly reduced common exclusions across its products.
About FWD Philippines