MANILA, Philippines–Security Bank Corp. (SBC) has struck a bancassurance partnership deal with the FWD Group, the insurance arm of Hong Kong tycoon Richard Li’s Pacific Century Group.
SBC announced on Tuesday an exclusive bancassurance partnership with FWD Group’s local unit, FWD Life Insurance Corp., allowing the latter to offer life insurance products to the bank’s customer base, subject to regulatory approvals.
In a disclosure to the Philippine Stock Exchange, the bank said this strategic partnership was expected to benefit from significant synergies generated from a distribution platform afforded by a leading local universal bank and the innovation and expertise of a regional insurance player with strong growth ambitions in Asia.
“Bancassurance is a fast-growing life insurance distribution channel in the Philippines, which is an underpenetrated market compared to its Southeast 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,” SBC president and chief executive officer Alberto Villarosa said.
FWD, for its part, said it was committed to operating a genuine multi-channel distribution network.
“This long-term, exclusive partnership complements our respective visions and growth aspirations,” said Julian Lipman, FWD Group chief operating officer and FWD Life chair.–Doris C. Dumlao