I raise the issue about why the yield on the Growth policy was below the "actual experience of the Life Fund".
In his reply, Mr. Ken Ng from Income said,
I would like to highlight an additional consideration in 2008. Markets were very turbulent because of the sub-prime crisis at the time the bonus declaration was made. Much of the capital appreciation enjoyed in the 2007 has been reversed. They are still are very turbulent. It would not have been prudent to make an significant increase in bonuses and raise expectations at such a time of uncertainty.
I asked Mr. Ken Ng for the following information:
1. How much was the free surplus in the Life Fund at the end of 2007 (that was not distributed to policyholders)
2 How much of this free surplus has since been reversed?
There was no reply and no acknowledgement to my question for about one week.
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