FWD Life Insurance enters the Philippines market

FWD Group has 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 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.”