FWD Philippines posts record premium income growth in 2018

FWD Life Insurance (FWD Philippines) reported total premium income of P7.65 billion in 2018, a record 68 percent increase from P4.55 billion in 2017, the company said Wednesday.

The increase in total premium income outpaced by more than five times the local life insurance industry’s 2018 growth of 13.2 percent, FWD Philippines said in an emailed statement.

As a result, the company’s market share in terms of total premium increased from 2.24 percent in 2017 to 3.35 percent in 2018.

“With new business market share rising from 3.5 percent to 4.84 percent, FWD Philippines now ranks No. 8, based on annual premium equivalent, 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,” the insurer noted

“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.

FWD Philippine closed 2018, with 3,300 Financial Wealth Planners or insurance agents nationwide. —VDS, GMA News