Fulfilment ratios and total value ratios of AXA’s participating plans
Smart Saver II Savings Plan (Not Available for Sale)
Product Category: Life Protection and Savings - Savings Oriented
For Reporting Year 2023
The following total value ratios are for reference only. They relate to past history and are not indicators of future performance of participating plans. The actual total benefits paid in the future may be lower or higher than the amounts implied by the published total value ratios in this page.
Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | |
All Policy Currencies – Total Cash Value | |||||||||||
All Policy Currencies – Total Cash Value | Not Applicable (e) | 88% | |||||||||
Notes:
Not Applicable (a): There were neither guaranteed nor non-guaranteed surrender benefits provided in this year due to the plan features.
Not Applicable (b): There were non-guaranteed terminal benefits but no policies were terminated in this year.
Not Applicable (c): There were non-guaranteed maturity benefits but no policies were matured in this year.
Not Applicable (d): The plan was launched after this year, or there were no policies issued under this plan in this year.
Not Applicable (e): The plan was closed before this year.
Not Applicable (f): In general, we illustrate the total values to customers based on our estimate of the future investment return at the point of purchase, and the same figures will be used to calculate the total value ratio. However, for the policies of Fortune Protector Life Insurance and Fortune Guard Life Insurance, the proposals illustrate the total values under two (applicable to Hong Kong) or three (applicable to Macau) hypothetical rates of investment return instead. In this regard, the total value ratio calculated with the illustrated figures may not carry the same meaning as other total value ratios we present in this page. For the same reason, the total value ratio is not applicable.
General Remarks
Total value ratio
The total value ratio compares the actual against the illustrated total value including the guaranteed and non-guaranteed benefits.
Policy year
The policy year refers to the number of years before the reporting year that policies were effective, increasing number of years from left to right. For example, the total value ratios for policy year 2 include all policies that were effective in 2021, 2 years before the reporting year of 2023.
How the total value ratios are calculated
Total value is the sum customers will receive upon policy surrender. When a customer purchases a participating policy, an illustration of the guaranteed and non-guaranteed benefits on an accumulated basis is presented across a number of policy years. Each year, based on various factors including the investment return of the participating fund, AXA decides on the actual non-guaranteed benefits to pay the customer, informing the customer through the policy anniversary statement.
The total value ratio compares the actual against the illustrated total value including both the guaranteed and non-guaranteed benefits.
The total value ratio is calculated across all policies for a single plan, rather than for an individual customer. It is an average measure of total surrender benefits, which may not reflect the circumstances of an individual policy. It includes both the guaranteed benefits and the non-guaranteed benefits*.
* Some of the non-guaranteed benefits are only available upon policy surrender and maturity, for example the terminal dividend or other benefits of a similar nature. AXA has the right to increase or decrease the amount subsequently from time to time at our discretion. When we calculate the total value ratio, we include only policies that have not been terminated and hence the total value in the calculation has not been paid.
| Actual total values | = Total value ratio (%) |
| Total values illustrated at the point of purchase |
Simplified illustrative example for the total value ratio in 2023 reporting year
Fulfilment ratios and total value ratios of AXA’s participating plans
For Reporting Year 2023
The following total value ratios are for reference only. They relate to past history and are not indicators of future performance of participating plans. The actual total benefits paid in the future may be lower or higher than the amounts implied by the published total value ratios in this page.
Notes:
Not Applicable (a): There were neither guaranteed nor non-guaranteed surrender benefits provided in this year due to the plan features.
Not Applicable (b): There were non-guaranteed terminal benefits but no policies were terminated in this year.
Not Applicable (c): There were non-guaranteed maturity benefits but no policies were matured in this year.
Not Applicable (d): The plan was launched after this year, or there were no policies issued under this plan in this year.
Not Applicable (e): The plan was closed before this year.
Not Applicable (f): In general, we illustrate the total values to customers based on our estimate of the future investment return at the point of purchase, and the same figures will be used to calculate the total value ratio. However, for the policies of Fortune Protector Life Insurance and Fortune Guard Life Insurance, the proposals illustrate the total values under two (applicable to Hong Kong) or three (applicable to Macau) hypothetical rates of investment return instead. In this regard, the total value ratio calculated with the illustrated figures may not carry the same meaning as other total value ratios we present in this page. For the same reason, the total value ratio is not applicable.
General Remarks
Total value ratio
The total value ratio compares the actual against the illustrated total value including the guaranteed and non-guaranteed benefits.
Policy year
The policy year refers to the number of years before the reporting year that policies were effective, increasing number of years from left to right. For example, the total value ratios for policy year 2 include all policies that were effective in 2021, 2 years before the reporting year of 2023.
How the total value ratios are calculated
Total value is the sum customers will receive upon policy surrender. When a customer purchases a participating policy, an illustration of the guaranteed and non-guaranteed benefits on an accumulated basis is presented across a number of policy years. Each year, based on various factors including the investment return of the participating fund, AXA decides on the actual non-guaranteed benefits to pay the customer, informing the customer through the policy anniversary statement.
The total value ratio compares the actual against the illustrated total value including both the guaranteed and non-guaranteed benefits.
The total value ratio is calculated across all policies for a single plan, rather than for an individual customer. It is an average measure of total surrender benefits, which may not reflect the circumstances of an individual policy. It includes both the guaranteed benefits and the non-guaranteed benefits*.
* Some of the non-guaranteed benefits are only available upon policy surrender and maturity, for example the terminal dividend or other benefits of a similar nature. AXA has the right to increase or decrease the amount subsequently from time to time at our discretion. When we calculate the total value ratio, we include only policies that have not been terminated and hence the total value in the calculation has not been paid.
| Actual total values | = Total value ratio (%) |
| Total values illustrated at the point of purchase |
Assume a plan has four policies A,B,C,D effective in three different years:
Policy effective year | Policy year | Guaranteed Benefits ( a ) | Illustrated non-guaranteed benefits ( b ) | Illustrated total values | Actual non-guaranteed benefits ( d ) | Actual total values | |
Policy A | |||||||
Policy A | 2020 | 3 | 1,000 | 3,000 | 4,000 | 2,500 | 3,500 |
Policy B | |||||||
Policy B | 2020 | 3 | 3,000 | 2,000 | 5,000 | 1,800 | 4,800 |
Policy C | |||||||
Policy C | 2021 | 2 | 2,000 | 2,500 | 4,500 | 2,550 | 4,550 |
Policy D | |||||||
Policy D | 2022 | 1 | 1,000 | 1,000 | 2,000 | 1,000 | 2,000 |
* Effective year is the year in which the policy was issued
The total value ratios are calculated as follows:
Policy year 1 (2022) Policy D only
| 2,000 | = 100% |
| 2,000 |
Policy year 2 (2021) Policy C only
| 4,550 | = 101% |
| 4,500 |
Policy year 3 (2020) Policy A & B
| 3,500 + 4,800 | = 92% |
| 4,000 + 5,000 |
In the above example:
- In policy year 1, the total value ratio is 100%. This means the actual total value is equal to the illustrated total value.
- In policy year 2, the total value ratio is 101%. This means the actual total value is 1% higher than the illustrated total value.
- In policy year 3, the total value ratio is 92%. This means the actual total value is 8% less than the illustrated total value, which indicates that the received non-guaranteed benefits are less than the illustrated non-guaranteed benefits. As two policies were sold in 2020 (policy year 3), the sum of both non-guaranteed benefits are used to calculate the total value ratio.
The above example is for illustrative purposes only. When you are planning to purchase any of our participating plans, we advise you to carefully read all the marketing materials including the product brochure, the participating policy fact sheet and the proposal along with all information provided in this website.
For Reporting Year 2023
The following total value ratios are for reference only. They relate to past history and are not indicators of future performance of participating plans. The actual total benefits paid in the future may be lower or higher than the amounts implied by the published total value ratios in this page.
Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | |
All Policy Currencies – Total Cash Value | |||||||||||
All Policy Currencies – Total Cash Value | Not Applicable (e) | 88% | |||||||||
Notes:
Not Applicable (a): There were neither guaranteed nor non-guaranteed surrender benefits provided in this year due to the plan features.
Not Applicable (b): There were non-guaranteed terminal benefits but no policies were terminated in this year.
Not Applicable (c): There were non-guaranteed maturity benefits but no policies were matured in this year.
Not Applicable (d): The plan was launched after this year, or there were no policies issued under this plan in this year.
Not Applicable (e): The plan was closed before this year.
Not Applicable (f): In general, we illustrate the total values to customers based on our estimate of the future investment return at the point of purchase, and the same figures will be used to calculate the total value ratio. However, for the policies of Fortune Protector Life Insurance and Fortune Guard Life Insurance, the proposals illustrate the total values under two (applicable to Hong Kong) or three (applicable to Macau) hypothetical rates of investment return instead. In this regard, the total value ratio calculated with the illustrated figures may not carry the same meaning as other total value ratios we present in this page. For the same reason, the total value ratio is not applicable.
General Remarks
Total value ratio
The total value ratio compares the actual against the illustrated total value including the guaranteed and non-guaranteed benefits.
Policy year
The policy year refers to the number of years before the reporting year that policies were effective, increasing number of years from left to right. For example, the total value ratios for policy year 2 include all policies that were effective in 2021, 2 years before the reporting year of 2023.
How the total value ratios are calculated
Total value is the sum customers will receive upon policy surrender. When a customer purchases a participating policy, an illustration of the guaranteed and non-guaranteed benefits on an accumulated basis is presented across a number of policy years. Each year, based on various factors including the investment return of the participating fund, AXA decides on the actual non-guaranteed benefits to pay the customer, informing the customer through the policy anniversary statement.
The total value ratio compares the actual against the illustrated total value including both the guaranteed and non-guaranteed benefits.
The total value ratio is calculated across all policies for a single plan, rather than for an individual customer. It is an average measure of total surrender benefits, which may not reflect the circumstances of an individual policy. It includes both the guaranteed benefits and the non-guaranteed benefits*.
* Some of the non-guaranteed benefits are only available upon policy surrender and maturity, for example the terminal dividend or other benefits of a similar nature. AXA has the right to increase or decrease the amount subsequently from time to time at our discretion. When we calculate the total value ratio, we include only policies that have not been terminated and hence the total value in the calculation has not been paid.
| Actual total values | = Total value ratio (%) |
| Total values illustrated at the point of purchase |
Simplified illustrative example for the total value ratio in 2023 reporting year
For Reporting Year 2023
The following fulfilment ratios are for reference only. They relate to past history and are not indicators of future performance of participating plans. The actual non-guaranteed benefits declared in the future may be lower or higher than the amounts implied by the published fulfilment ratios in this page.
Notes:
Not Applicable (a): There were no non-guaranteed benefits provided in this year due to the plan features.
Not Applicable (b): There were non-guaranteed terminal benefits but no policies were terminated in this year.
Not Applicable (c): There were non-guaranteed maturity benefits but no policies were matured in this year.
Not Applicable (d): The plan was launched after this year, or there were no policies issued under this plan in this year.
Not Applicable (e): The plan was closed before this year.
Not Applicable (f): In general, we illustrate the non-guaranteed benefits to customers based on our estimate of the future investment return at the point of purchase, and the same figures will be used to calculate the fulfilment ratio. However, for the policies of Fortune Guard Life Insurance and Fortune Protector Life Insurance, the proposals illustrate the non-guaranteed benefits under two hypothetical rates of investment return instead. In this regard, the fulfilment ratio calculated with the illustrated figures may not carry the same meaning as other fulfilment ratios we present in this page. For the same reason, the fulfilment ratio is not applicable.
General Remarks
Type of non-guaranteed benefits (annual dividend, terminal dividend, etc.)
Our plans offer different types of non-guaranteed benefits. Given the different nature of these non-guaranteed benefits, we present the fulfilment ratios separately. To understand which non-guaranteed benefits are applicable to your policy, please refer to your policy contract or contact your financial consultant.
Policy year
The policy year refers to the number of years before the reporting year that policies were effective, increasing number of years from left to right. For example, the fulfilment ratios for policy year 2 include all policies that were effective in 2021, 2 years before the reporting year of 2023.
How the fulfilment ratios are calculated
When a customer purchases a participating policy, an illustration of the guaranteed and non-guaranteed benefits on an accumulated basis is presented across a number of policy years. Each year, based on various factors including the investment return of the participating fund, AXA decides on the actual non-guaranteed benefits to pay the customer, informing the customer through the policy anniversary statement.
The fulfilment ratio is a measure of the performance of the actual non-guaranteed benefits at a given time, expressed as a percentage of the illustrated non-guaranteed benefits given to customers at the point of purchase. The fulfilment ratio is calculated across all policies for a single plan, rather than for an individual customer. It is an average measure of performance, which may not reflect the circumstances of an individual policy. AXA follows the calculation methodology and disclosure format prescribed by the Insurance Authority in Hong Kong and the Monetary Authority of Macao.
| Actual non-guaranteed benefits | = Fulfilment ratio (%) |
| Non-guaranteed benefits illustrated at the point of purchase |
Assume a plan has four policies A,B,C,D effective in three different years:
Policy effective year | Policy year | Illustrated non-guaranteed benefits | Actual non-guaranteed benefits | |
Policy A | ||||
Policy A | 2020 | 3 | 3,000 | 2,500 |
Policy B | ||||
Policy B | 2020 | 3 | 2,000 | 1,800 |
Policy C | ||||
Policy C | 2021 | 2 | 2,500 | 2,550 |
Policy D | ||||
Policy D | 2022 | 1 | 1,000 | 1,000 |
* Effective year is the year in which the policy was issued
The fulfilment ratios are calculated as follows:
Policy year 1 (2022) Policy D only
| 1,000 | = 100% |
| 1,000 |
Policy year 2 (2021) Policy C only
| 2,550 | = 102% |
| 2,500 |
Policy year 3 (2020) Policy A & B
| 2,500 + 1,800 | = 86% |
| 3,000 + 2,000 |
In the above example:
- In policy year 1, the fulfilment ratio is 100%. This indicates that the received non-guaranteed benefits are the same as the illustrated non-guaranteed benefits.
- In policy year 2, the fulfilment ratio is higher at 102%, which indicates that the received non-guaranteed benefits are higher than the illustrated non-guaranteed benefits.
- In policy year 3, the fulfilment ratio is lower at 86%, which indicates that the received non-guaranteed benefits are less than the illustrated non-guaranteed benefits. As two policies were effective in 2020 (policy year 3), the sum of both non-guaranteed benefits are used to calculate the fulfilment ratio.
The above example is for illustrative purposes only. When you are planning to purchase any of our participating plans, we advise you to carefully read all the marketing materials including the product brochure, the participating policy fact sheet and the proposal along with all information provided in this website.
For Reporting Year 2023
The following fulfilment ratios are for reference only. They relate to past history and are not indicators of future performance of participating plans. The actual non-guaranteed benefits declared in the future may be lower or higher than the amounts implied by the published fulfilment ratios in this page.
Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | Policy Year | |
All Policy Currencies – Annual Dividend | |||||||||||
All Policy Currencies – Annual Dividend | Not Applicable (e) | 69% | |||||||||
All Policy Currencies – Special Investment Bonus | |||||||||||
All Policy Currencies – Special Investment Bonus | Not Applicable (e) | 88% | |||||||||
Notes:
Not Applicable (a): There were no non-guaranteed benefits provided in this year due to the plan features.
Not Applicable (b): There were non-guaranteed terminal benefits but no policies were terminated in this year.
Not Applicable (c): There were non-guaranteed maturity benefits but no policies were matured in this year.
Not Applicable (d): The plan was launched after this year, or there were no policies issued under this plan in this year.
Not Applicable (e): The plan was closed before this year.
Not Applicable (f): In general, we illustrate the non-guaranteed benefits to customers based on our estimate of the future investment return at the point of purchase, and the same figures will be used to calculate the fulfilment ratio. However, for the policies of Fortune Guard Life Insurance and Fortune Protector Life Insurance, the proposals illustrate the non-guaranteed benefits under two hypothetical rates of investment return instead. In this regard, the fulfilment ratio calculated with the illustrated figures may not carry the same meaning as other fulfilment ratios we present in this page. For the same reason, the fulfilment ratio is not applicable.
General Remarks
Type of non-guaranteed benefits (annual dividend, terminal dividend, etc.)
Our plans offer different types of non-guaranteed benefits. Given the different nature of these non-guaranteed benefits, we present the fulfilment ratios separately. To understand which non-guaranteed benefits are applicable to your policy, please refer to your policy contract or contact your financial consultant.
Policy year
The policy year refers to the number of years before the reporting year that policies were effective, increasing number of years from left to right. For example, the fulfilment ratios for policy year 2 include all policies that were effective in 2021, 2 years before the reporting year of 2023.
How the fulfilment ratios are calculated
When a customer purchases a participating policy, an illustration of the guaranteed and non-guaranteed benefits on an accumulated basis is presented across a number of policy years. Each year, based on various factors including the investment return of the participating fund, AXA decides on the actual non-guaranteed benefits to pay the customer, informing the customer through the policy anniversary statement.
The fulfilment ratio is a measure of the performance of the actual non-guaranteed benefits at a given time, expressed as a percentage of the illustrated non-guaranteed benefits given to customers at the point of purchase. The fulfilment ratio is calculated across all policies for a single plan, rather than for an individual customer. It is an average measure of performance, which may not reflect the circumstances of an individual policy. AXA follows the calculation methodology and disclosure format prescribed by the Insurance Authority in Hong Kong and the Monetary Authority of Macao.
| Actual non-guaranteed benefits | = Fulfilment ratio (%) |
| Non-guaranteed benefits illustrated at the point of purchase |
Simplified illustrative example for the fulfilment ratio in 2023 reporting year
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