Hong Kong-based FWD Life Insurance Corp. (FWD Life) reported 35 percent more premium income in 2016 to P3.04 billion, from only P2.26 billion in 2015, owing to efforts to improve its digital platforms in servicing client needs.
According to FWD Life President and CEO Peter Grimes, despite the contraction of 3 percent in the Philippine life-insurance sector’s premium performance for 2016, FWD Life continued to grow its own by focusing on sales and improving product innovation.
“FWD continued to grow by focusing on our vision and core operating strengths, leveraging technology and business and product innovation as our primary growth drivers,” Grimes said.
For 2016, FWD Life ranked 12th in terms of market ranking, from 34th place when it started in 2014. Its total assets reached P6.14 billion, expanding by 67 percent, from P3.68 billion in 2015. Its investments grew 113 percent to P5.09 billion, from P2.39 billion in 2015.
“Overall, we’ve been saying this since our prior official operational launch in the Philippines, we are and continue to be very bullish about the Philippines,” he said, noting quickly its obvious economic expansion and the increasing affluence of Filipinos.
The company pioneered the introduction of an e-commerce platform and digital retail channel for its products.
FWD Life has also the highest paid-in capital among insurers amounting to P2.3 billion. Its customers grew as much as 60 percent to 20,000 for the year, from the 12,500 in 2015. Its agents increased by 500 people totaling 1,900 for the year, from 1,400 in 2015.
It plans to open a number of new hubs in provincial areas this year, such as Tacloban, in the second half after establishing an Isabela branch in the first quarter.
“The year 2016 was a great year for FWD. We are very pleased with our continued development. We saw strong sales growth and business momentum throughout the year,” he said.