Fulfillment Ratio
Total Cash Value Ratio Long-term Average Actual Total Internal Rate of Return Historical Crediting Interest Rate for Universal Life Products
Historical Performance for
With-Profits Plans/Shareholder-backed Participating Plans

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 2022. 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.

Fulfillment ratio for
policy year 1 to 10
Non-guaranteed benefits in early policy years are typically small and immaterial relative to the premiums paid or the guaranteed cash value
Fluctuation of fulfillment ratios can be observed if the products go through undesirable experience as a result of difficult market conditions. e.g. persisting low interest rate environment
Fulfillment ratio for
policy year 10+
Participating products are designed and structured for medium to long-term investment. In later policy years, policy starts to accumulate with a more meaningful amount of non-guaranteed benefits and the fulfillment ratios give a better indication of how the bonus declaration results contribute to meet the illustrative values at point of sale
20 policy years+ of history
(Track records of PHKL policies)
Track records of PHKL policies with longer history are provided for your reference
Track records are presented in form of the actual internal rate of return at policy year 20 for those insurance policies which had been inforce for 20 or more years
Applicable to With-Profits plans only
Calculation of Fulfillment Ratios
annual
Fulfillment ratio for annual dividends, non-guaranteed monthly income/annuity
It is calculated as the ratio of aggregate actual accumulated non-guaranteed annual dividends, monthly income/annuity (with non-guaranteed interests Non-guaranteed interests include the non-guaranteed interests earned on Accumulated Guaranteed Cash Payments, Accumulated Cash Dividends and Monthly Income/Annuity. , if applicable) against the illustrated amounts at the point of sale for all relevant inforce policies in the reporting year.
reversionary
Fulfillment ratio for reversionary bonuses
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.
special
Fulfillment ratio for special bonuses, terminal bonuses and terminal dividends
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.
How to Interpret Fulfillment Ratios?
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.

Product Series

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