28 MAY 2019, Manila, Philippines – FWD Life Insurance (“FWD Philippines”) reported a total premium income of P7.65 billion in 2018 , a record 68% increase from its premium income of P4.55 billion in 2017. This impressive increase in total premium income outpaced the local life insurance industry’s 2018 growth of 13% by more than 5 times. As a result, the company’s market share in terms of total premium increased from 2.24% in 2017 to 3.35% in 2018 .
First-year weighted premiums, stated in Annual Premium Equivalent (NB APE), surged by 54%, again surpassing the life insurance industry’s growth of 11% for the year . With new business market share rising from 3.5% to 4.84%, FWD Philippines now ranks #8 based on NB APE , as reported by the Insurance Commission’s unaudited statistics for 2018. Total assets grew to P14.68 billion , up from P9.79 billion in 2017.
“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,” said FWD Philippines President and Chief Executive Officer Peter Grimes.
“With FWD’s commitment to providing best-in-class customer experience, our growing client base—nearly 500,000 individual and group lives covered—can be assured that we will always take care of their financial future, so they can continue to live life free from worry,” Peter added. “We continue to enhance our challenger brand status by providing more Filipinos with simple, relevant, and innovative product and servicing propositions as we strive to change the way people feel about insurance.”
Growing elite distribution network in the country, expanding geographical footprint
2018 was also notable for continuous growth in its primary distribution channels, with FWD ending the year with 3,300 Financial Wealth Planners (insurance agents) nationwide, including more than 100 Million Dollar Round Table (MDRT) members, up by almost 40%. Its Bancassurance Financial Solutions Consultants (FSC) sales force continued to grow, enabling it to service more clients of Security Bank, FWD’s strategic bank distribution partner.
FWD Philippines also continued the expansion of its geographic reach, with the addition of six (6) 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), bringing FWD closer to more Filipino families.