FWD Life ranking improves significantly in 2015

MANILA, Philippines - From 30th position out of 31 life insurance companies end 2014, FWD Life Insurance Corp. landed 13th spot out of the 30 life insurers based on the latest rankings released by the Insurance Commission (IC).

In 2014, FWD Life reported gross premium income of P3.3 million or just months after it went into operations.

At the end of 2015, gross premiums zoomed to P2.26 billion, largely due to its timely bancassurance partnership with Security Banking Corp., one of the leading commercial banks in the country.

FWD Life chief executive officer and president Peter Grimes classifies the effort as game changing.

“We intend to continue pushing the boundaries to be a game changer in the local insurance sector,“ Grimes said.

FWD Life focused its efforts in redefining the local perception of insurance through a fresh approach. It targeted Filipinos with millennial mindset by offering products that are easy to understand, affordable, and adapts to the lifestyle and needs of passionate, overachieving individuals.

Grimes added that the insurer also integrated technology into their DNA and came up with more personalized plans for their multi-faceted customers.

“We are very pleased with the numbers coming in and the ranking that we are now enjoying,” shared Grimes. “It’s a good sign that Filipinos are becoming more open to insurance, which means more and more people are really getting ready to live.”

All its products are variable unit linked (VUL) or life insurance spiked with investment features, the popular insurance products that had dominated the industry sales for the past decade.

VULs sold through the banks or the insurer’s bancassurance partner are usually single or one-time pay premium.

Aside from relying on Security Bank, the agency is also continuing to expand nationwide, recently opening its business hubs and customer connect centers in various parts of the country, such as in Bonifacio Global City, Cagayan de Oro, and Baguio City, among others.

Based on records, roughly 10-percent of its premiums came from traditional policies while more than 90-percent were VULs.

Total assets reached P2.9 billion and networth at a million pesos.

Net income was a negative P814 million, which is normal for a new entrant as commissions dominate overall spending, with no significant investments and recurring or renewal business.

FWD Life, a member of the FWD Group, launched its commercial operations in the Philippines in Sept. 2014. FWD Group spans Hong Kong and Macau, Thailand, Indonesia and the Philippines, offering life and medical insurance, employee benefits, and general insurance across a number of its markets.

Established in Asia in 2013, FWD is the insurance business arm of investment group, Pacific Century Group.