Hong Kong-based FWD Group launches Philippine operations

Hong Kong-based insurer FWD Group officially launched Monday its business operations in the country through its Philippine arm FWD Life Insurance Corp.

In a statement Monday, the company said it will initially offer two insurance products, a single pay insurance plan and a regular pay insurance plan with optional accidental death, hospital cash, critical illness and waiver of premium benefits.

FWD said it is developing more products to "provide investment, traditional savings, health and protection benefits to customers."

"With the country's developing economy, a rising middle class and increasing disposable incomes, we see vast opportunities to contribute to the country's growth by providing financial security to the Filipino people," FWD Group CEO Huynh Thanh Phong said in a statement.

FWD Group is the insurance business arm of the private investment group Pacific Century Group. It offers life and general insurance in Hong Kong, Macau and Thailand, and has a brand presence in Indonesia.

It is the first foreign firm in 10 years to get a license to operate since amendments were made to the Insurance Code and after investing P1.3 billion in the country. — Kathryn Mae P. Tubadeza/JDS, GMA News