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

Introduction of Prudential

Always Listening ,

Always Understanding

history
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.

slide8
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

slide9
1994 – Prudential Corporation Asia was

formed to develop and existing

business in Asia.

introduction of axa

Introduction of AXA

Be Life Confident!

history1
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.
in hong kong
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
individual life insurers statistics
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.
comparison between other insurer in accident health insurance

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
the strategy of the investment
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.
compare prudential axa

Compare Prudential & AXA

Life Insurance Product

how to make the price
How to make the price?
  • Age
  • Gender
  • Smoking or Non- smoking
compare
Compare
  • Price
  • Protection Coverage
  • Premium Payment
  • Premium Payment Term
life insurance compare
Life Insurance Compare

Gender : Female(Non Smoking)

Age (ANB) : 22

medical insurance compare
Medical Insurance Compare
  • Gender : Female (Non Smoking)
  • Age(ANB) : 22
the function of insurance
The function of Insurance
  • Protection
  • Saving & Investment
  • Protection > Saving & Investment
unfortunate event of death
Unfortunate event of DEATH
  • No matter Long Term or Short Term

Gain a large amount of money to beneficiary

short term year 4
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)
long term year 43
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)
refund
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

short term year 41
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)
slide32
Long term provide Protection, Saving and Investment functions.

Need money after retired

long term year 431
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)

new trend
NEW TREND

Insurance become more important

Reasons:

  • Birth rate decrease
  • Hospitalization cost increase
  • Rapidly ageing population
  • SARS
question
Question
  • 1) which are the following insurance companies we have just introduced?
  • Manulife
  • AXA
  • Prudential
  • AXA and Prudential
  • All of the above
slide38
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

slide39
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

slide40
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
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