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News - Detailed News Story

Some insurers cut bonuses on par policies despite strong 2019 return

28 Jul 2020 09:00

By Genevieve Cua

DESPITE strong returns among life insurers' participating funds in 2019, three insurers have opted to cut bonuses or dividends for some policyholders.

The bonus cuts by AIA, AXA and Tokio Marine Life Insurance Singapore (TMLS) illustrate the mechanism of "smoothing'' of returns that applies to par policies. That is, bonus payouts may be maintained in a poor year, but may be cut following a year of good returns.

Most insurers achieved double-digit returns for their par funds in 2019, but were mostly negative in 2018.

Par policies share in the investment experience of the life fund. The total return for par policies comprises guaranteed and non-guaranteed components. Bonuses are part of the non-guaranteed return. But once declared, bonuses form part of a policy's guaranteed benefits.


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Source: Business Times
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