Security Bank, FWD Philippines Extend Strategic Partnership

Written By Ethan Koh

Business World | 13 December 2024

FWD LIFE Insurance Corp. (FWD Life Philippines) and Security Bank Corp. have extended their bancassurance partnership amid a positive outlook for the insurance industry.

The companies’ partnership began in October 2014.

“After a decade of trust, shared values, and mutual commitment to empower Filipinos to achieve their financial aspirations, we are continuing our partnership with Security Bank and remain dedicated to delivering accessible consumer-focused products. We will push reshaping the industry by changing the way people feel about insurance,” FWD Group Managing Director Binayak Dutta said in a statement on Thursday

FWD Life Philippines is banking on the country’s rising income per capita, digital- and internet-literate population, and the large underserved market for growth.

According to data from the Insurance Commission, insurance penetration was at 1.74% as of the third quarter.

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