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

The following tables show the Total Cash Value (TCV) 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 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.

TCV ratio is a good indicator for the actual accumulated performance of a policy compared to that illustrated at point of sale.

The historical TCV ratios are intended for reference purpose only and should not be taken as an indicator of future performance of the participating products. The actual TCV ratios in future may be lower or higher than the historical TCV ratios as illustrated.

Click here for a more detailed explanation of the calculation example of TCV ratio (available in Chinese version only).

How to Interpret Total Cash Value Ratio
The TCV / Total Monthly Income (TMI) / Total Monthly Annuity (TMA) ratios indicate how the actual performance of the policies effective in the respective year compare with the illustrated amount at the point of sale. For example, a TCV / TMI / TMA ratio of 120% means that the actual TCV / TMI / TMA is 20% higher than the illustrated amount at the point of sale.
It should be noted that the TCV / TMI / TMA ratio only reflects the performance 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 result of the participating products.
Total cash value 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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