FWD Insurance outpaces industry as top 8 insurer with 25% premium income growth and turns profitable in fifth year

Manila, Philippines, 2 July 2020 – FWD Life Insurance Corporation (“FWD Insurance”), part of pan-Asian FWD Group, continued its higher-than-industry growth momentum in 2019 as it reported total premium income of Php 9.55 billion for the year, a 25% increase from its total premium income of Php 7.65 billion in 2018.

New Business stated in Annual Premium Equivalent (NB-APE) was at Php 2.94 billion in 2019. With this, FWD Insurance has retained its number 8 ranking in the industry in terms of NB-APE, as reported by the Insurance Commission’s unaudited statistics for 2019. FWD Insurance’s growth rates in terms of Premium Income and NB-APE are 24.5% and 16.7%, higher than the industry’s 1.7% and 11.2%, respectively. The insurer’s market share has likewise increased, year-on-year, with FWD’s Premium Income market share rising from 3.3% to 4.1% and NB-APE market share growing from 4.9% to 5.1%.

After its fifth full year of operations, the insurer has turned profitable with net income of more than Php352 million. Additionally, FWD Insurance remains one of the life insurers with the highest Paid-Up Capital in the country at Php 2.3 billion, with no capital injection required in the year. The insurer ranks #3 based on Paid-Up Capital according to the Insurance Commission’s unaudited statistics for 2019. 

Meanwhile, its Total Assets and Assets under Management grew to Php 21.07 billion and Php 17.80 billion, respectively, registering 43% increase from the 2018 figures.

“In just five short years, we have successfully solidified our position as a Top 10 insurer—and as one of the country’s most exciting insurance brands—committed to achieving our vision to change the way people feel about insurance,” said FWD Insurance President and Chief Executive Officer Li Hao Zhuang.

Growing distribution footprint to service more customers


The insurer’s agency sales channel continued to expand during the year, with 24% increase in number of advisors. Meanwhile, its Bancassurance Financial Solutions Consultants (FSC) sales force also increased, enabling the insurer to service more customers of Security Bank, FWD’s strategic bank distribution partner.

FWD Insurance increased its geographical footprint in 2019 with the addition of three new business hubs in key cities across the Philippines. The new business hubs are in Binondo, Angeles City (Pampanga), and Valencia City (Bukidnon). These bring the total number of FWD business hubs to 17 as of yearend. 


Innovative product launches and partnerships


FWD Insurance also launched product innovations in 2019, such as the KanDüü product suite on FWD’s Online Shop.  KanDüü plans—KanLive life coverage, KanMend critical illness coverage, and KanGuard accident & terrorism coverage—reinvent the experience of purchasing insurance digitally through FWD’s Online Shop (shop.fwd.com.ph), while allowing customers to be rewarded for being financially protected. 

Towards the end of 2019, the insurer also launched its Expressway Sponsorship Program in partnership with AC Infrastructure Holdings Corporation (AC Infra), fully-owned subsidiary of the Ayala Corporation (AC), unveiling the FWD-Muntinlupa-Cavite Expressway (MCX). Under this agreement, the first of its kind for a Philippine insurer, FWD Insurance seeks to elevate the expressway as a symbol of the nation’s “road to progress”.

 “Off the back of our strong business results in 2019, we remain committed to deliver best-in-class customer experience, supporting our growing client base amidst the COVID-19 pandemic,” Li Hao said. “Guided by our strong and bold vision, we will strengthen this with compassion and malasakit. FWD Insurance will continue to develop innovative customer propositions and increase service excellence to better serve the country’s evolving protection needs.”




FWD Insurance outpaces industry as top 8 insurer with 25% premium income growth and turns profitable in fifth year

About FWD Philippines

FWD Life Insurance Corporation (FWD Life) launched its commercial operations in September 2014. As of end-2019, its fifth full year of operations, FWD Life continues to outpace life insurance industry growth as a Top 8 insurer, based on New Business Annual Premium Equivalent.1 FWD Life also remains as one of the Top 3 insurers in terms of Paid-Up Capital.2 

FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan, and Malaysia, offering life and medical insurance, general insurance, employee benefits, Shariah, and Family Takaful products across a number of its markets. Established in Asia in 2013, FWD is the insurance business arm of investment group, Pacific Century Group. In the Philippines, FWD has 17 business hubs located in key cities nationwide with its headquarters in Bonifacio Global City in Taguig.

FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
For more information, please visit fwd.com.ph.

1 www.insurance.gov.ph > Statistics > Life > 2019 > Based on New Business Annual Premium Equivalent
2 www.insurance.gov.ph > Statistics > Life > 2019 > Based on Paid-Up Capital


Media Inquiries: 

FWD Life Insurance Corporation
Rochelle R. Vandenberghe
Vice President, Head of Marketing
FWD Life Philippines
(
E) rochelle.vandenberghe@fwd.com
(T) +63 2 8558 7306