Makati City, 7 October 2014. Security Bank Corporation (“Security Bank”) and FWD Life
Insurance Corporation (“FWD Life”) have entered into an exclusive bancassurance arrangement for life insurance products. FWD Life will start offering life insurance products to Security Bank’s customer base, subject to regulatory approvals.
This strategic partnership is expected to benefit from significant synergies generated from a distribution platform afforded by a leading universal bank in the Philippines, and the innovation and expertise of a regional insurance player with strong growth ambitions in Asia.
Security Bank President and Chief Executive Officer Mr. Alberto S. Villarosa said that the bancassurance tie-up with FWD Life would allow Security Bank to offer a comprehensive suite of financial products and services to its customers. He remarked, “Bancassurance is a fast-growing life insurance distribution channel in the Philippines, which is an underpenetrated market compared to its South East Asian neighbors. We look forward to making best-in-class life insurance products available through our distribution network. We chose FWD due to its ambitions in the Philippines, which match Security Bank’s own plans. We are excited about the prospects of this partnership with FWD.”
FWD Life will benefit from Security Bank’s strong client base as it commences operations in the country. “FWD is committed to operating a genuine multi-channel distribution network. This long-term, exclusive partnership compliments our respective visions and growth aspirations. Enabling customer-friendly technology and enhancing overall customer engagement are imperative as we grow our business here in the Philippines and this exciting partnership will benefit our customers.” said Julian Lipman, FWD Group Chief Operating Officer and FWD Life Chairman.
FWD Life announced last April it was granted by the Insurance Commission of the Philippines a license to operate in the country, making it the first foreign life insurance company in nearly a decade to enter the market. FWD Life began its commercial operations in September.
ING acted as financial advisor to Security Bank for this transaction.
Above photo shows Security Bank and FWD Life Insurance executives leading the contract signing at Shangri-La Hotel, Makati City. (Seated from left): Ma. Cristina A. Tingson, EVP-Retail Banking Segment Head, Security Bank; Rafael S. Algarra, Jr., EVP-Financial Markets Segment Head, Security Bank; Alberto S. Villarosa, President & CEO, Security Bank; Julian Lipman, FWD Group Chief Operating Officer and Chairman FWD Life; Peter Grimes, Group Chief Partnership Distribution Officer, FWD Group; Tim Oliver, Group Chief Commercial Officer, FWD Group. (Standing from left): Delbert S. Ang-It, VP-Bancassurance Head, Financial Markets Segment, Security Bank; Leslie Y. Cham, SVP-Branch Banking Group Head, Security Bank; Ma. Concepcion P. Cruz, SVP-Asset Management Group Head, Security Bank; Juan Sotero T. Roman, General Counsel and Head of Compliance, FWD Life; Irene M. Andas, Head of Channel Management and Development, FWD Life. About Security Bank:
Security Bank is the 8th largest private domestic universal bank in the country with total assets of Php 385 billion, 7th largest in loans with loan portfolio of Php 173 billion, and 8th largest in total capital at Php 45 billion as of June 30, 2014.
Security Bank has been a recipient of numerous awards, among which, in 2013, Security Bank was Best Managed Bank in the Philippines by The Asian Banker of Singapore, and in 2012, Security Bank was Bank of the Year in the Philippines by The Banker of London, and the Strongest Bank in the Philippines by The Asian Banker. The Bank has been operating for 63 years since it was established in 1951.
More information is available on our website: www.securitybank.com
About FWD Life:
FWD Life is the life insurance arm of FWD Group (“FWD”) in the Philippines and the first foreign life insurer in nearly a decade to enter the Philippines market. It is also the first to be granted a license under the new Insurance Code of the Philippines in April 2014. FWD Life has launched its commercial operations in September.
More information is available on the website: http://www.fwd.com.ph
FWD is the insurance business arm of the private investment group, Pacific Century Group. FWD’s business spans Hong Kong, Indonesia, Macau, Philippines and Thailand, offering life insurance services, as well as general insurance, employee benefits and financial planning in Hong Kong. FWD’s focus is to leverage technology to enhance customer experience, deliver innovative products, and invest in talent to create a leading pan-Asian life insurer that changes the way consumers feel about insurance.
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