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.

“This renewed partnership with Security Bank is a significant step in our shared goal of nation-building. Combining our expertise in insurance with Security Bank’s trusted banking services, we hope to empower more Filipinos to achieve financial independence and to celebrate living the best way they know how,” FWD Life Philippines President and Chief Executive Officer Antonio Manuel “Jumbing” G. De Rosas said.

“Our partnership with FWD Life Insurance has always gone beyond business. It is a bond rooted in our shared vision of empowering Filipinos with the tools and protection to lead worry-free, fulfilling lives. Together, we have not only introduced innovations but also touched lives — helping families build a stronger future for themselves and the generations to come,” Security Bank President and Chief Executive Officer Sanjiv Vohra said.

FWD Life Philippines booked a premium income of P24.3 billion in 2023, ranking fourth in the sector. Its net income was at P1.22 billion.

Meanwhile, Security Bank’s net income rose by 13.58% year on year to P3.01 billion in the third quarter, bringing its nine-month net profit to P8.45 billion, up by 11.62% from a year ago. — A.M.C. Sy