Officials of the FWD Group receive its license to operate a life insurance business in the Philippines from Insurance Commissioner Emmanuel F. Dooc.
MANILA, Philippines - The Insurance Commission has granted Hong Kong's FWD Group a license to operate its life insurance business in the Philippines.
The FWD Life Insurance Corporation is the first foreign life insurance company to enter the Philippine market in nearly a decade.
FWD Group chairman Ronald Arculli expressed confidence in the Philippine market.
"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," Arculli said.
FWD Group is the insurance business arm of Hong Kong-based private investment group, Pacific Century Group. It has life insurance businesses in Hong Kong, Macau and Thailand.
FWD Life Insurance is expected to launch in the Philippine market later this year.
FWD Group CEO Huynh Thanh Phong and a local senior management team will be developing products and services relevant to the Philippines.
"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," Phong said.
"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," he added.