FWD Life Insurance Corporation (FWD Philippines) has reinforced its efforts to broaden access to insurance in the country through strategic engagements with regulators and financial institutions, alongside the launch of a new milestone-linked insurance product.
Executives from FWD Group Holdings Limited (FWD Group), the parent firm of FWD Philippines, recently met with the Philippine Insurance Commission (IC) to affirm the group’s commitment to the Philippine insurance sector.
The delegation included FWD Group board chairman professor Frederick Ma (pictured third from left) and senior managing director for Southeast Asia and group chief business operations officer Binayak Dutta (pictured second to left), who held discussions with Insurance Commissioner Atty. Reynaldo Regalado (pictured centre).
Dutta said the company is deepening its investment in the Philippines and aims to work in close coordination with both regulators and partners such as Security Bank Corporation to support sector growth.
“By leveraging our combined expertise and resources, we aim to create a more prosperous future for the Filipino people and unlock the full potential of this vibrant market,” he said.
In addition to the regulatory engagement, FWD executives met with Security Bank president and CEO Sanjiv Vohra and executive vice president and head of branch banking group Leslie Cham.
The meeting marked the continuation of their bancassurance collaboration, which has reached its 11th year.
FWD Philippines president and CEO Antonio Manuel “Jumbing” de Rosas said the partnership reflects the company’s approach to expanding its market presence.
“As the insurer of the next generation, and together with our partners, FWD Philippines remains dedicated to changing the way people feel about insurance as we develop innovative products that address the evolving needs of Filipinos – reflecting our commitment to nation-building and expanding financial inclusion in the country,” he said.
FWD also announced the launch of Set for Life Plus, a policy that combines insurance coverage with investment features and milestone-based bonuses.
Policyholders may receive a start-up bonus of up to 25% of their account value, and additional increases tied to specific life events, including marriage, childbirth, education expenses, retirement, and property acquisition.
The plan includes loyalty benefits awarded on the 10th policy anniversary and every five years thereafter. A premium extension bonus is available for policyholders who continue contributions beyond the minimum required period.
Accidental death coverage and premium waivers are included, with optional benefits such as critical illness coverage, hospital income, and supplementary life insurance.
These market developments come as new data highlights the need for enhanced financial preparedness among Filipinos.
A study by Insular Life (InLife) found that while 52% of respondents hope to be financially independent in retirement, only 30% feel ready. Many respondents expressed intent to retire between ages 56 and 60, with a notable portion targeting early retirement by age 50.
However, income expectations in retirement – typically estimated between PHP 25,000 and PHP 50,000 per month – may fall short given future inflation and medical costs. The InLife survey also pointed to low financial literacy, with only a quarter of adults demonstrating basic financial knowledge, as a key contributing factor to this gap.
