FWD eyes top spot as Philippine insurance growth accelerates

Insider Spotlight

• FWD Philippines now ranks No. 2 in total premiums, just behind Sun Life.
• The insurer leads the single-premium segment and plans entry into traditional insurance by 2026.
• Over 77 percent of its transactions are digital, supported by strong bancassurance partnerships.
• Fitch and Moody’s maintain investment-grade ratings for parent FWD Group.

FWD Life Insurance Corp. — the Philippine unit of Hong Kong insurer FWD Group — recently emerged as the country’s second-largest player in total premiums in just over a decade since entering the local market in 2014.

In a press briefing, FWD Life CEO Soon Liang Lau said the insurer posted P26 billion in premiums in the first half of 2025, trailing only Sun Life’s P29 billion.

“What took competitors over a century to build, we have nearly matched in just 12 years,” he said.

Single-premium dominance

FWD has carved out a stronghold in the single-premium space, where it holds the No. 1 position. This was achieved through its bancassurance tie-up with Security Bank, which gives the insurer access to more than 2.4 million customers and payroll accounts. Penetration rates have reached as high as 15 percent, according to Lau.

Soon Liang Lau

The CEO of FWD's Philippine unit said the ultimate goal is to change the way Filipinos see insurance.

The company also ranked second in the 2025 Million Dollar Round Table standings, reflecting the productivity of its distribution force.

Digital-first advantage

FWD’s growth has been powered by its early embrace of digital platforms. Over 77 percent of transactions are now completed online, a model that proved resilient during the pandemic and continues to differentiate the company in customer experience.

Chief financial officer Lee Longa noted that while the industry expanded just 9 percent in the past four years, FWD grew almost four times faster.

“The trajectory is clear,” he said. “This company is reshaping the market.”

Lee Longa

The FWD chief financial officer highlighted the steep trajectory of the insurer in the local market in recent years.

During the same briefing, FWD Life chair Jose Cuisia added that the firm also ranks very high compared to its peers in terms of customer satisfaction, according to a recent third party survey. 

“We do also very well being among the top. We're very proud of that,” he said. “So it's not just a product that we have, but also the services, because that's very important, that the customers are happy with the service, particularly when it comes to claims, because that's the biggest complaint about the life insurance industry that it takes companies so long to process.

Moving into traditional insurance

Despite its gains, FWD has largely stayed out of the traditional insurance space, which accounts for 70 percent of the market. Lau confirmed the company will begin offering traditional products, including education and retirement plans, in 2026.

Jose Cuisia

The FWD chair said he is particularly proud of the firm's customer service levels, especially its rapid action on claims.

He emphasized that FWD will maintain its digital-led approach: “We will not deviate from our core. The push into traditional will still be anchored on straight-through, digital processes.”.

Outlook

Backed by strong shareholders—including Pacific Century Group and major institutional investors—and carrying investment-grade ratings from Fitch and Moody’s , FWD is positioning to challenge Sun Life for the No. 1 spot.

“The goal is not just growth,” Lau said. “It is to change the way Filipinos feel about insurance.”