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Fulfilment Ratio
The following tables show the fulfillment ratio for each of our participating products which have new policies issued in the previous 5 calendar years prior to the reporting year 2023. The fulfillment ratio is calculated as the ratio of actual non-guaranteed benefits (may be referred to cash value of bonuses/dividends, dividend and accumulated interest(if any), or accumulated non-guaranteed monthly income/annuity and interest (if any) against the illustrated amounts at the point of sale.
The historical fulfillment ratios are intended for reference purpose only and should not be taken as an indicator of future bonus declaration result of the participating products. The actual fulfillment ratios in future may be lower or higher than the historical fulfillment ratios as illustrated.
It is calculated as the ratio of aggregate actual accumulated non-guaranteed annual dividends, monthly income/annuity (with non-guaranteed interests , if applicable) against the illustrated amounts at the point of sale for all relevant inforce policies in the reporting year.
It is calculated as the ratio of aggregate actual accumulated non-guaranteed reversionary bonuses, against the illustrated amounts at the point of sale for all relevant inforce policies in the reporting year. For avoidance of doubt, cash value of reversionary bonuses is used in the calculation.
It is calculated as the ratio of aggregate payout of special bonuses/terminal bonuses/terminal dividends against the illustrated amounts at the point of sale for all relevant policies actually terminated in the reporting year. Similarly, cash value of special bonuses/terminal bonuses is used in the calculation.
The fulfillment ratios indicate how the non-guaranteed benefits of the policies effective in the respective year compare with the illustrated amount at the point of sale. For example, a fulfillment ratio of 120% means that the non-guaranteed benefits declared is 20% higher than the illustrated amount at the point of sale.
It should be noted that the fulfillment ratio only reflects the bonus declaration result for a certain past period of the policies issued and are intended for reference only. It does not represent any future bonus plan and strategy over a longer period for the whole policy term and should not be taken as an indicator of future bonus declaration results of the participating products.
Fulfillment ratio is an average measure and it may not reflect the circumstances of an individual policy. Policyholders should refer to their own anniversary statement for relevant policy value.
Click here for the illustrative example of fulfillment ratio calculation.
To learn more about the performance of the plan, please click HERE to review the total cash value ratio. The TCV ratio is calculated as the ratio of actual total cash value declared, which includes guaranteed cash value and corresponding non-guaranteed elements of the product, against the illustrated amount at the point of sale. It is a good indicator for the actual accumulated performance of a policy compared to that illustrated at point of sale.
Notes
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