The following table shows the Total Cash Value ratios for each of the participating product series. The calculation includes new policies issued by the Company since 2010. The Total Cash Value ratios are intended to serve as a reference to assist prospective customers in making purchase decision. Please be alerted that the historical Total Cash Value ratios are not an indicator of future performance of the participating products.
Calculation of Total Cash Value Ratio
The Total Cash Value ratio is calculated as the ratio of aggregate actual Total Cash Value against the illustrated amounts at the point of sale for all relevant policies in the reporting year. With reference to sales illustration, Total Cash Value is the amount policyholders receive upon policy surrender and it includes both guaranteed benefits (e.g. guaranteed cash value, guaranteed cash payments and guaranteed incomes) and non-guaranteed benefits (e.g. annual dividends and their accumulated interest, terminal dividends, cash value of reversionary bonuses, cash value of terminal bonuses, non-guaranteed incomes and their accumulated interest, and interest accumulated from guaranteed cash payments or guaranteed incomes), and excludes the account balance of the Future Premium Deposit Account. For calculation of such ratio it is assumed that all premiums are paid in full when due, no cash withdrawal or policy loans are taken throughout the term of the policy and policyholders opt to leave all relevant guaranteed and non-guaranteed benefits with the Company for interest accumulation based on the relevant actual interest rates or accrual (as applicable).
Interpretation of Total Cash Value Ratio
The Total Cash Value ratios indicate how the actual performance of all relevant policies in their respective Policy Year compare with the illustrated amount at the point of sale and are intended to serve as a reference only. Historical Total Cash Value ratios should not be taken as an indicator of future performance of the participating products.
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Notes:
- As the Total Cash Value ratios are calculated on aggregate level among all relevant participating policies including all premium payment terms of the product series and assumptions relating to premium payment, dividend/coupon payment options, withdrawal and policy loan etc are made, the Total Cash Value ratios shown in the table may not represent the situation of each individual participating policy.
- The figures are calculated based on the data as of relevant reporting year and have been rounded to the nearest percent.
- The product series shown are those which have new policies issued since 2010. For the avoidance of doubt, products that were launched after the reporting year are excluded.
- The Product Type “Whole Life” is referring to both products covering whole of life and products covering up to age 100 only.
- Total Cash Value ratio would not be applicable (i.e. shown as “N.A.”) for some policy years of some products under the following situations,
- there are no relevant inforce policies in the reporting year; or
- up to the corresponding policy years, total cash value illustrated at point of sale is zero
- there are no relevant inforce policies in the reporting year; or
- Total Cash Value ratio for some products may be available before the product is launched or after the product is closed to sales. It may be due to various policy actions including but not limited to actions that involve change in policy date, for example, redating reinstatement, policy backdating and plan change. Redating reinstatement means changing policy date due to reinstating the policy status as inforce.
- The figures reflect previous dividend and bonus declarations of participating products, and the payout after last declaration in reporting year 2025 considered investment experience and outlook up to first quarter of 2025.
- Above figures do not reflect any dividend and bonus declarations after the reporting year, and the up-to-date dividend and bonus of individual inforce policy is reflected and stated in the policy value of the respective anniversary statement.