FWD Group today announced it has been granted a license to operate its life insurance business in the Philippines. The business, operating in the Philippines as FWD Life Insurance Corporation, is the first foreign life insurance company since 2004 to have been issued a license by the Insurance Commission of the Philippines.
“We are honored to be announcing FWD’s entry into the Philippines as we continue to forge ahead with our regional expansion plans,” said the Hon. Ronald Arculli, Chairman of FWD Group. “The insurance industry plays a vital role in economic development, fostering investment and innovation by creating an environment of greater certainty. The Philippines is an attractive market for insurance with a rising middle class and increasing disposable incomes. In this steadily growing economy with improved governance, insurance has low penetration, and we see vast opportunities to contribute to the country’s growth, providing financial security to the people.”
Following the amendments to the Philippines Insurance Code last year, FWD is the first foreign life insurance company in nearly a decade to be granted a license. FWD Group CEO Huynh Thanh Phong alongside a newly-established local senior management team, will drive the growth of the business and develop products and services relevant to the local community. The company is targeting to launch in the Philippines market later this year.
“We are excited to be entering the Philippines at a time of such positive change and when there is increasing need and demand for insurance,” said Phong. “FWD is investing heavily in technology to support the delivery of our products and customer servicing, including continuing the roll out of the innovative paperless sales platform that FWD Life Indonesia pioneered earlier this year. As we aim to be a top 5 life insurer within 5 years, we will continue to proactively build our talented and experienced local team, distribution partnerships and agency force.”
The Hon. Emmanuel F. Dooc, Insurance Commissioner of the Philippines further commented, “The amendments to the Philippines Insurance Code have been implemented to keep pace with the changes in the insurance market, and spur the growth of the domestic insurance market, allowing it to be more competitive regionally. This is an exciting period of change for the industry, and we would like to extend a warm welcome to FWD as we look to expand the local insurance market.”