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Fulfilment ratios and total value ratios of AXA’s participating plans

LPPM 910-2409E_Financial Strength E-booklet_EN.pdf

Explore AXA&#39;s range of participating insurance plans tailored to meet your financial goals. We are committed to transparency in line with the requirements of the Monetary Authority of Macao, providing clear insights into the actual performance of the non-guaranteed benefits through the fulfilment ratio. Additionally, our total value ratio offers a clear holistic view of the actual performance of the policy value with both guaranteed and non-guaranteed benefits considered, empowering you to confidently secure your financial future. Check out the “AXA Business Overview and Investment Strategy” e-booklet and learn how AXA can be your trusted financial partner.

2023 reporting year’s performance

Total value ratio compares the actual against the illustrated total value including both the guaranteed and non-guaranteed benefits. It 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.

What is the total value ratio?

Tables of total value ratios are available for plans with policies issued since 2010 and still have policies inforce in the reporting year, except if: <ul><li>Your plan does not offer non-guaranteed benefits </li><li>Your plan is an investment-linked assurance scheme </li></ul>The calculation of total value ratios includes only the policies effective on or after 2010 for the relevant plans.However, there can be multiple reasons why your plan does not have a total value ratio for a particular policy year, the most common factors are listed below: <ul><li>There were no surrender benefits provided in that year due to the plan features </li><li>The plan was launched after that year </li><li>The plan was closed before that year</li></ul>

Why is there no total value ratio for my plan?

The calculation of total value ratio includes both the guaranteed benefits and the non-guaranteed benefits of the policies, while that of fulfilment ratio includes only the non-guaranteed benefit.If your plan has total value ratio but not fulfilment ratio for a particular policy year, the most common factors are listed below:<ul><li>There were guaranteed benefits, but no non-guaranteed benefits provided in that policy year due to the plan features</li><li>For fulfilment ratio of terminal dividend and terminal bonus, none of the policies effective in that policy year was terminated during the reporting year</li></ul>

Why does my plan have total value ratio but not fulfilment ratio for a particular policy year?

The total value ratios are average ratios calculated for a large number of policies under the respective plans, instead of calculated on an individual policy basis. The total value ratios shown may not reflect the circumstances of any particular policy and are for reference only.

Why do the total value ratios shown here differ from my policy?

This disclosure provides the total value ratios for the reporting year 2023.No total value ratios are disclosed for policies effective in 2023 and 2024 because:<ul><li>No policies effective in 2023 has reached the end of their first policy year in reporting year 2023</li><li>For policies effective in 2024, they are effective after the reporting year</li></ul>For policies effective in 2023 and 2024, their total value ratios will be published in reporting year 2024 and 2025 respectively.

Why can’t I see the total value ratios for policies effective in 2023 and 2024 in the total value ratio table?

Different participating plans may have different investment strategies, as well as different approaches or philosophies to determine the non-guaranteed benefits. As a result, the considerations when determining the non-guaranteed benefits may vary. Even if the investment returns and other factors perform the same, AXA may declare different amounts of non-guaranteed benefits for different participating plans. Guaranteed benefits are paid regardless of how the participating fund performs.

Why do the total value ratios vary among different participating plans?

No. The total value ratios are intended to be only a summary of the differences between the sum of the guaranteed benefits and actual non-guaranteed benefits declared versus the total value amounts illustrated at the point of purchase in the past. Declarations of non-guaranteed benefits were determined based on the historical performance of a number of factors such as the actual investment returns. In the future, these may or may not happen again, and there is no guarantee that the total value ratios in the future will be the same as, or similar to, those in the past. To understand more about how the non-guaranteed benefits will be determined, you can refer to the <a target='_self' href='https://www.axa.com.mo/en/participating-policy-fact-sheets#'>participating policy fact sheets </a>available on our website.

Do historical total value ratios represent future performance?

AXA follows the calculation methodology and disclosure format prescribed by the Insurance Authority in Hong Kong and the Monetary Authority of Macao to calculate the fulfilment ratios from the plans with non-guaranteed benefits.

How does AXA calculate the fulfilment ratios?

Tables of fulfilment ratios are available for plans with policies issued since 2010 and still have policies inforce in the reporting year,  except if:<ul><li>Your plan does not offer non-guaranteed benefits</li><li>Your plan is an investment-linked assurance scheme</li></ul> The calculation of fulfilment ratios includes only the policies effective on or after 2010 for the relevant plans. However, there can be multiple reasons why your plan does not have a fulfilment ratio for a particular policy year, the most common factors are listed below:<ul><li>There were no non-guaranteed benefits provided in that year due to the plan features</li><li>The plan was launched after that year</li><li>The plan was closed before that year</li><li>For fulfilment ratio of terminal dividend, none of the policies effective in that policy year was terminated during the reporting year</li></ul>

Why is there no fulfilment ratio for my plan?

The fulfilment ratios are average ratios calculated for a large number of policies under the respective plans, instead of being calculated on an individual policy basis. The fulfilment ratios shown may not reflect the circumstances of any particular policy and are for reference only.

Why do the fulfilment ratios shown here differ from my policy?

Non-guaranteed benefits may only be payable after the policies have been in force for at least one year, depending on the plan features. Therefore, for policies effective in 2023 and 2024, their fulfilment ratios will be published in reporting year 2024 and 2025 respectively.

Why can’t I see the fulfilment ratios for policies effective in 2023 and 2024 in the fulfilment ratio table?

Different participating plans may have different investment strategies, as well as different approaches or philosophies to determine the non-guaranteed benefits. As a result, the considerations when determining the non-guaranteed benefits may vary. Even if the investment returns and other factors perform the same, AXA may declare different amounts of non-guaranteed benefits for different participating plans.

Why do the fulfilment ratios vary among different participating plans?

No. The fulfilment ratios are intended to be only a summary of the differences between the actual non-guaranteed benefits declared and the amounts illustrated at the point of purchase in the past. Such declarations were determined based on the historical performance of a number of factors such as the actual investment returns. In the future, these may or may not happen again, and there is no guarantee that the fulfilment ratios in the future will be the same as, or similar to, those in the past. To understand more about how the non-guaranteed benefits will be determined, you can refer to the <a target='_self' href='https://www.axa.com.mo/en/participating-policy-fact-sheets#'>participating policy fact sheets </a>available on our website.

Do historical fulfilment ratios represent future performance?

Starting from 1 January 2017 (applicable to Hong Kong) or 1 January 2019 (applicable to Macau), all insurers are required to publish their fulfilment ratios on their website. Insurers are required to follow the same methodology and format prescribed by the Insurance Authority in Hong Kong and the Monetary Authority of Macao.

How do I compare the fulfilment ratios with other insurers?

The methodology prescribed by the Insurance Authority in Hong Kong and the Monetary Authority of Macao specifies that the fulfilment ratio of the terminal dividend and the terminal bonus is the ratio of total payment of the benefits against the illustrated amounts at the point of purchase for all relevant policies actually terminated in the reporting year. If there is no relevant policy terminated in the reporting year, there is no payment of the terminal dividend and the terminal bonus made, so the fulfilment ratio is not available.

Why is the fulfilment ratio of Terminal Dividend and Terminal Bonus not available if none of the policies effective in that policy year was terminated in the reporting year?

Fulfilment ratios and total value ratios of AXA’s participating plans

2023 reporting year’s performance

Frequently Asked Questions

What is the total value ratio?

Why is there no total value ratio for my plan?

Why does my plan have total value ratio but not fulfilment ratio for a particular policy year?

Why do the total value ratios shown here differ from my policy?

Fulfilment ratios and total value ratios of AXA’s participating plans

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