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Manila Bulletin devider Business devider The Stock Market devider Security Bank takes over management of three FWD life insurance funds

Security Bank takes over management of three FWD life insurance funds

Published Dec 20, 2024 06:41 am

Security Bank Corporation has assumed management of three FWD Life Insurance Variable Life (VL) funds to offer customers integrated financial solutions that blend life insurance benefits with professionally managed investments.

Security Bank, in a Dec. 20 statement, reported that the three VL funds include FWD peso fixed income fund, peso equity fund, and peso balanced fund. 

The acquisition of management was made effective on Nov. 13, 2024, under its Security Bank’s trust and asset management group (TAMG).

According to Security Bank, adding VL funds to its offerings “provides customers with comprehensive financial solutions, combining life insurance and investments for increased security and potential returns.” 

It explained that TAMG’s management of these funds ensures better performance and added customer convenience.

Security Bank CEO Sanjiv Vohra emphasized the bank's commitment to providing comprehensive financial solutions by adding new funds to its portfolio.

"We’re excited to welcome these funds into our management portfolio and offer our customers a holistic approach to financial planning,” said Sanjiv Vohra, president and CEO at Security Bank. 

Maricar Lopez, Security Bank’s SVP and TAMG head, added that the partnership with FWD Life Insurance will help increase the bank’s market share in the insurance and trust sectors.

With the partnership, Security Bank offers life insurance products that combine coverage with investment opportunities, including flexible options and global portfolios.

The bank can now offer a range of life insurance products that combine coverage with investment opportunities. These include Set for Life, which offers flexible payment terms and investment options; All Set, with simplified underwriting and optional add-ons; All Set Higher, which has no premium charges, invests all funds, and doesn’t require a medical exam; USD All Set Higher, providing access to a global investment portfolio with similar benefits; Set for Health, covering up to three major critical illnesses until age 75 with additional benefits; and Digital Set for Health, a similar product available online with insured sums ranging from P1 million to P5 million.

For the part of FWD Philippines, Chief Financial Officer Lee Longa stressed the company’s 10-year partnership with the bank, focused on creating value for customers through wealth creation and protection.

Security Bank also manages various FWD VL funds, including the FWD peso bond, stable, growth, high dividend equity, equity index, and pitstop liquidity funds.

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