FWD Insurance outpaces industry as top 8 insurer with 25% premium income growth
FWD Life Insurance Corporation continued its higher-than-industry growth momentum in 2019 as it reported a total premium income of P9.55 billion for the year, a 25 percent increase from its total premium income of P7.65 billion in 2018.
New Business stated in Annual Premium Equivalent (NB-APE) was at P2.94 billion last year.
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 at 24.5 percent and 16.7 percent, higher than the industry’s 1.7 percent and 11.2 percent, respectively.
The insurer’s market share has likewise increased, year-on-year, with FWD’s Premium Income market share rising from 3.3 percent to 4.1 percent.
After its fifth full year of operations, the insurer has turned profitable with net income of more than P352 million. Additionally, FWD Insurance remains one of the life insurers with the highest paid-up capital in the country at P2.3 billion, with no capital injection required in 2019. The insurer ranked third 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 P21.07 billion and P17.80 billion, respectively, registering a 43 percent increase from its 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.
The insurer’s agency sales channel continued to expand last year, with a 24 percent increase in the 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 Binondo, Angeles City (Pampanga), and Valencia City (Bukidnon). These brought the total number of FWD business hubs to 17 as of year-end.
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 – elevated 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.
Toward the end of 2019, the insurer also launched its Expressway Sponsorship Program in partnership with AC Infrastructure Holdings Corporation (AC Infra), a fully-owned subsidiary of the Ayala Corporation, to unveil the FWD-Muntinlupa-Cavite Expressway (MCX). Under the 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.”
“On 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.”