FWD Group Holdings Limited has announced a leadership change at its Philippine subsidiary, naming Lau Soon Liang as president and CEO of FWD Life Insurance Corporation (FWD Philippines) – effective June 1, pending regulatory approval.
Lau is currently chief growth officer for Southeast Asia at FWD Group and joined the company in 2016. He is a Fellow of the Institute and Faculty of Actuaries in the UK.
Binayak Dutta, FWD’s senior managing director for Southeast Asia and group chief business operations officer, said Lau’s regional expertise positions him to guide the Philippine operation through its next phase.
“His strong leadership will be invaluable in steering the next phase of growth in changing the way Filipinos feel about insurance,” he said.
Dutta also acknowledged outgoing CEO Antonio “Jumbing” De Rosas, who will take on an advisory role.
“Under his leadership, the business has grown into the number one player in the industry,” Dutta said.
Commenting on his appointment, Lau said he looked forward to furthering the insurer’s engagement with the local market.
“I am honoured to take on this role and excited to build on the strong foundation that has been established at FWD Philippines. I look forward to working with our talented team to continue delivering customer-led innovations and financial solutions that empower Filipinos to celebrate living,” he said.
FWD entered the Philippine market in 2014 and holds an exclusive bancassurance agreement with Security Bank.
In the first quarter of 2025 (Q1 2025), FWD Group reported significant growth across its operations.
New business contractual service margin (CSM) rose 55% year-on-year to US$465 million, while new business annual premium equivalent (APE) reached US$679 million, up 46%.
The group said these figures will enhance long-term profitability under the IFRS 17 framework. Key drivers of growth included increased demand in Hong Kong SAR and Macau SAR, where interest from local customers and visitors from Mainland China remained strong.
Southeast Asia contributed positively, with emerging markets reporting double-digit increases. Japan remained stable, while results in Thailand and Cambodia reflected ongoing economic challenges.
The company also extended its financial literacy partnership with JA Worldwide to continue delivering programs across Asian schools.
The Philippine insurance market also showed gains in Q1 2025, based on unaudited data from the Insurance Commission.
Insurance penetration rose to 1.89% of GDP, up from 1.78% the previous year. Insurance density increased to PHP1,094.94 per capita, a 13.4% rise.
Commissioner Reynaldo Regalado attributed the improvements to higher premium income outpacing GDP and population growth. Total premium collections rose by 14.41% to PHP124.17 billion across all sectors.
The life insurance segment accounted for the majority of this growth. Premiums increased to PHP99.90 billion, led by variable life products which grew 22.78%. New business APE climbed 12.92% to PHP18.86 billion. Net income for life insurers improved 12.22% to PHP10.83 billion, despite a drop in investment returns.
