FWD Indonesia shifts focus to protection and unit-linked plans

Fitch said this comes amidst a 24% decline in gross written premiums.

FWD Insurance Indonesia is shifting its focus toward higher-margin protection and unit-linked products as it expands distribution across tied agency, bancassurance, and e-commerce, Fitch Ratings said. 

This comes amidst a 24% decline in gross written premiums in 2024, largely due to regulatory changes affecting unit-linked offerings.

The company’s net loss narrowed to $48m (IDR782b) in 2024 from $110b (IDR1.8t) in 2023, when it booked a one-off impairment tied to the end of a bancassurance deal with PT Bank Commonwealth.

FWD Indonesia’s risk-based capital ratio dropped to 185% by end-2024 but recovered to 202% by May 2025, supported by improved equity valuations. 

Capital support from parent FWD Group Holdings is expected to continue as the business grows.

($1.00 = IDR16,203.20)