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Life Insurance

Life Insurance. Introduction of life insurance in HK. Life insurance 1.Whole life 2.Endowment 3.Term. Number of Policies in 2004. Number of Policies in whole life. Number of policies in endowment. Introduction of Prudential. Always Listening , Always Understanding. History.

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Life Insurance

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  1. Life Insurance

  2. Introduction of life insurance in HK • Life insurance • 1.Whole life • 2.Endowment • 3.Term

  3. Number of Policies in 2004

  4. Number of Policies in whole life

  5. Number of policies in endowment

  6. Introduction of Prudential Always Listening , Always Understanding

  7. History • 1848 – Prudential was founded on 30 May in Hatton Garden, London. Named as “Prudential Mutual Assurance, Investment and Loan Association” , offer life assurance and loans to the middle classes.

  8. 1919 – Prudential moved to the field of General Insurance for the first time. Providing Fire, Marine and accident insurance etc. • 1923 – agencies were set up world wide in China, Malaya, the Philippines, India and Japan etc. • 1960 – Prudential Hong Kong was set up first as a general and then as a life insurance business

  9. 1994 – Prudential Corporation Asia was formed to develop and existing business in Asia.

  10. Structure of Operating Division of Prudential plc(UK)

  11. Introduction of AXA Be Life Confident!

  12. HISTORY • 1986 - Nation Mutual acquired Sentry Assurance International LTD. • 1990 - Operation extended to Macau. • 1992 - National Mutual Asia was listed on the Hong Kong Stock Exchange. • 1999 - Renamed as AXA China Region Limited. • 2005 - 20thanniversary of the AXA brand.

  13. In Hong Kong • AXA China Region, was formed after the acquisition of Sentry Assurance International Ltd. by National Mutual in 1986, has been a leading insurer in Hong Kong and Macau for over 18 years. • AXA China Region is a wholly-owned subsidiary, and is one of the largest life insurers in Hong Kong, ranking in the top 6 for new business and top 3 for in-force business. • As of 31 December 2004, the business has A$7.6 billion funds under management, total premium income of A$1.5 billion, over 2,100 agents, 300 advisers and 500 employees

  14. Structure of Operating Division of AXA

  15. The Insurance Market Share of both companies in Hong Kong

  16. Individual Life Insurers’ statistics cited from Office of the Commissioner of Insurance • For detail, the number of policies for life insurance that Prudential made last year is nearly 15% of the market.

  17. Insurer Financial Year End Accident & Health insurance Gross Net ING General 31/12/2004 72,086 70,692 AXA China (HK) 31/12/2004 285,219 258,795 Prudential 31/12/2004 176,710 142,738 AIA (HK) 30/11/2004 99,486 96,602 Comparison between other insurer in accident & health insurance

  18. The strategy of the investment • Match the net investment results and the estimated maturity of its investment with expected payments on insurance contracts. • Because financial market performance may affect the level of surrenders and withdrawals on life insurance policies, as well as projected immediate and long-term cash needs. • Adjusts its investment portfolios to reflect such considerations.

  19. Compare Prudential & AXA Life Insurance Product

  20. How to make the price? • Age • Gender • Smoking or Non- smoking

  21. Compare • Price • Protection Coverage • Premium Payment • Premium Payment Term

  22. Life Insurance Compare Gender : Female(Non Smoking) Age (ANB) : 22

  23. Medical Insurance Compare • Gender : Female (Non Smoking) • Age(ANB) : 22

  24. Medical Insurance Compare

  25. Medical Insurance Compare

  26. The function of Insurance • Protection • Saving & Investment • Protection > Saving & Investment

  27. Unfortunate event of DEATH • No matter Long Term or Short Term Gain a large amount of money to beneficiary

  28. Short Term ( Year 4 ) • The total amount of premiums paid: US$2,564 (HK$19,871) • Total guaranteed cash endowments: Nil • Basic sum insured: US$15,000 (HK$116,250) • Total amount received in the unfortunate event of death (annual return ratio 9%) :US$15,526 (HK$120,326.5) • Total amount received in the unfortunate event of death (annual return ratio 5%) :US$15,502 (HK$120,140.5)

  29. Long term ( Year 43 ) • The total amount of premiums paid:US$27,565 (HK$213,628.75) • Total guaranteed cash endowments: US$12,000 (HK$93,000) • Basic sum insured: US$15,000 (HK$116,250) • Total amount received in the unfortunate event of death (annual return ratio 9%):US$220,460 (HK$1,708,565) • Total amount received in the unfortunate event of death (annual return ratio 5%) :US$98,774 (HK$765,498.5)

  30. Refund • Short term not showing a protection of suddenly requirement and the advantage and benefits of saving and investment Need money within short period • Short term not showing a protection of suddenly requirement and the advantage and benefits of saving and investment Need money within short period

  31. Short Term ( Year 4) • The total amount of premiums paid: US$2,564 (HK$19,871) • Total guaranteed cash endowments: Nil • Guaranteed cash value: US$810 (HK$6,277.5) • Total cash value (annual return ratio 9%): US$1,336 (HK$10,354) • Total cash value (annual return ratio 5%): US$1,312 (HK$10,168)

  32. Long term provide Protection, Saving and Investment functions. Need money after retired

  33. Long Term ( Year 43 ) • The total amount of premiums paid:US$27,565 (HK$213,628.75) • Total guaranteed cash endowments: US$12,000 (HK$93,000) • Guaranteed cash value:US$7,650(HK$59,287.5) • Total cash value (annual return ratio 9%): US$213,065 (HK$1,651,253.75) • Total cash value (annual return ratio 5%): US$91,379 (HK$708,187.25)

  34. NEW TREND Insurance become more important Reasons: • Birth rate decrease • Hospitalization cost increase • Rapidly ageing population • SARS

  35. Population statistic

  36. Q & A

  37. Question • 1) which are the following insurance companies we have just introduced? • Manulife • AXA • Prudential • AXA and Prudential • All of the above

  38. 2) When will be the premium payment term of the AXA’s life insurance policies terminated? A) Up to age 65 B) Up to age 75 C) Up to age 78 D) Up to age 100

  39. 3) Which of the following reason is Not relate to people increase buying insurance A) SARS B) Birth rate decline C) Hospitalization cost decrease D) Rapidly ageing population

  40. You can go to OFFICE OF THE COMMISSIONER OF INSURANCEto get more information about insurance http://www.info.gov.hk/oci/text/chi/about/content14.htm

  41. The End

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