FWD Life Insurance Corp. (FWD Philippines) plans to simplify policy contracts and introduce new traditional products next year, as it looks to solidify its standing in the country’s fast-growing but still underpenetrated insurance market.

“We want to make insurance easy to understand. Today, policy documents are too complex, even for us in the industry. Our goal is to rewrite them in layman’s terms—something that reads more like a story than a legal document,” FWD Philippines President and Chief Executive Officer (CEO) Soon Liang Lau told business editors on Wednesday, Sept. 17.

Lau said that this simplification initiative, which has been effectively implemented in other Asian markets like Vietnam, would take about nine months to roll out locally, including regulatory approval from the Insurance Commission (IC). Contracts will still be written in English, in line with Philippine insurance regulations, he said.

He added that this move is part of the insurer’s broader push to “change the way people feel about insurance” by removing barriers that discourage customers from signing up for protection.

Alongside contract simplification, FWD Philippines will expand its product lineup in 2026 to include more traditional insurance offerings, complementing its existing strength in investment-linked policies, Lau said. “We see strong demand for education-type and health-related products, which are more guaranteed in nature. With our stronger financials, now is the right time to enter that space.”

In the first half of 2025, FWD Philippines ranked second in the life insurance industry in terms of new business annual premium equivalent (NBAPE), generating ₱4.6 billion, it said in a Sept. 16 statement, citing the latest official IC report.

Its first-half NBAPE grew 39 percent year-on-year—the fastest growth among the country’s top 10 life insurers, it added.

Also, FWD Philippines topped single-pay premiums during the first six months of the year.

Across the life insurance sector, overall NBAPE rose by 12.9 percent to ₱18.9 billion in the first quarter of 2025, FWD Philippines noted. “FWD’s performance significantly outpaced the industry average, highlighting its ability to deliver growth well above market trends,” it noted in the statement.

“These milestones not only strengthen our position in the industry but also reflect the trust our customers place in us and the relentless dedication of our teams nationwide. Our consistency is a testament to protecting more Filipino lives and our vision of changing the way people feel about insurance,” Lau said.

FWD Philippines Chief Financial Officer (CFO) Lee Longa said that the insurer’s market share in terms of NBAPE stood at 13 percent as of end-June 2025.

Longa noted that FWD Philippines’ growth trajectory has outpaced the industry average in recent years.

He added that FWD Philippines is also preparing to diversify beyond variable universal life (VUL) products. “Seventy percent of the market today is VUL, but the traditional space, which accounts for about 30 percent, is coming back. Beginning next year, we’ll have products that will cover that segment as well,” he said.

Longa also highlighted enhancements in the company’s single-pay offerings. “Our new product, FWD Wealth+, improves protection significantly—up to 300 percent coverage, compared to the usual 125 percent... We are also set to launch a two-year-pay variant, which will give customers more flexibility, especially those investing at higher levels,” he said, referring to the forthcoming FWD Fast Lane to be launched in October.

Since its Philippine entry in 2014 as a greenfield operation, FWD Philippines has quickly risen to the top tier of the domestic industry. The local unit of the pan-Asian insurer FWD Group now serves over 370,000 customers in the country and manages over ₱100 billion in funds, its executives said.

Bancassurance has been a critical growth driver, accounting for about 60 percent of new business, they said.

“Bancassurance is about three times the size of our agency business right now,” Lau said, citing FWD Philippines’ partnership with Security Bank Corp. since 2015. This tie-up has achieved one of the highest penetration rates in the market, covering roughly 15 percent of Security Bank’s clients, he added.

“This is one of our most successful partnerships. Bancassurance gives us scale and efficiency, and we are proud to be No. 1 in this segment,” Lau said.

Despite industry growth, Lau pointed to the significant untapped opportunity in the Philippines, where insurance penetration remains below two percent of gross domestic product (GDP)—among the lowest in Southeast Asia.

“It’s an exciting market with wide open space. Our mission is to protect as many lives as possible, not just in Metro Manila but also in the provinces, where penetration is even lower,” he said.

While the insurer has not set a numerical target for its industry ranking despite landing in the first to third positions in NBAPE these last three quarters, Lau said the focus will remain on sustainable expansion.

“Chasing positions is not our priority. If we continue to do the right things—launch the right products, make insurance accessible, and leverage digital innovation—the growth will follow,” according to Lau.