AXA launches "Wealth Ultra Savings Plan"

HONG KONG,July 6,2020 -- AXA Hong Kong and Macau announces the launch of its new Wealth Ultra Savings Plan ("Wealth Ultra"),offering a dual bonus to accelerate its customers' wealth growth to help achieve their ideal financial goals. "Wealth Ultra" is equipped with 3 unique market features[3],including Flexible Premium option,no aggregate limit for Bonus Lock-in rate and Flexi Continuation option. Customers have the flexibility to apply these optionsovertime to meet their needs at different life stages in order to provide extra protection for their family and loved ones and to pass on their wealth.

Mr Kevin Chor,Chief Life and Market Development Officer of AXA Hong Kong and Macau,announces the launch of “Wealth Ultra Savings Plan”.

Mr Kevin Chor,Chief Life and Market Development Officer,AXA Hong Kong and Macau,said,"Under the current volatile market conditions,we understand that people want to have more flexibility to achieve their savings goals. AXA is pleased to launch its timely new savings plan 'Wealth Ultra',offering competitive long-term returns to help customers accumulate wealth. With three unique market features,'Wealth Ultra' provides flexible and personalised options for customers to best meet their financial goals at different life stages,allowing them to have more certainty to achieve their plans and to share their wealth with future generations."

Doubling projected total cash value[2] every 10 years for wealth accumulation

"Wealth Ultra" is a participating life insurance plan withan 8-year pre-set premium payment term. Apart from guaranteed cash value[4],"Wealth Ultra" offers two types of non-guaranteed bonuses[5],the reversionary bonus and terminal bonus.Upon completion of the pre-set premium payment term,total cash value[2] is projected to be doubled every 10 years on average. Starting from the 100th policy year,the total internal rate of return for each policy year would exceed 7%[1],offering promising growth potential for customers and their future generations.

Unique flexipremium option provides flexibility in financial planning

AXA realises that a customer's priorities may change in the face of economic uncertainty and therefore a Flexi Premium option has been deliberately added to the plan. Customers may exercise this feature to halt future premium payments[6]of the basic plan to easetheir financial burden and allow them to allocate their resources for more urgent priorities. The policy value will continue to roll over in proportion based on the premium paid. Regardless of the length of premium payment,on average the total cash value will be projected to double every 10 years after the pre-set premium payment term.

No aggregate limit for bonus lock-in rate to best capture marketreturns

"Wealth Ultra" offers a Bonus Lock-in option[7]which allows customers to lock-in their declared reversionary bonus and terminal bonus[3]without surrendering the policy. Customers can exercise the bonus lock-in right to transfer chosen percentage of the dual bonuses' latest cash value to their bonus lock-in account in order to avoid potential change of dividend posed by market fluctuations in the future while continuing to earn interest[8]. Customers have the flexibility to withdraw part or all of the value from the account anytime according to their own needs. "Wealth Ultra" is also the first savings plan in Hong Kong with no life-time aggregate limit for the lock-in rate,so customers can pass on the policy to future generations without worrying about exhausting the lock-in rate.

Flexi continuation option and unlimited policy insured change enable wealth pass on to future generations

As a comprehensive savings plan,the unique flexi continuation option of "Wealth Ultra" ensures the client's wealth will be passed on,while at the same time offers life protection. Policy owners can designate a contingent insured[9]and assign a percentage of the policy value. In the unfortunate event of the insured's death,the designated contingent insured will become the new insured,and the pre-assigned portion of the policy value will be passed on accordingly. A compassionate benefit will be payable to the designated beneficiaries for immediate financial support[10],relieving loved ones from short-term financial pressure. "Wealth Ultra" also allows unlimited changing of the insured of the policy. The benefit period will be changed to age 138 of the latest insured[11],to enable the wealth to be shared with the future generations.

To know more about the Wealth Ultra Savings Plan,please visit: axa.com.hk/en/wealth-ultra-savings-plan

The above information is for reference only. For details on product features,content,terms and exclusions,please refer to the relevant product brochure.

[1]Starting from the 100th policy year,the total IRR would exceed 7%. The total IRR is rounded to the nearest percentage. The total IRR is based on the Company's bonus scales as of June 2020. The total IRR and bonus scales are not guaranteed and may be changed by the Company from time to time at its absolute discretion. The actual total IRR may be higher or lower than that illustrated. Please refer to the relevant product brochure for detailed assumption.

[2]Total cash value is the sum of guaranteed cash value,non-guaranteed cash value of reversionary bonus,non-guaranteed cash value of terminal bonus and value of the bonus lock-in account (if any).

[3]The information is compared to all reversionary bonus type participating life insurance plans with regular premium payments available for new business as of May 2020,provided by the insurers which are included in the life & annuity non-linked (Class A) individual business of direct new business in 2019 Provisional Statistics on Hong Kong Long Term Insurance Business published by the Insurance Authority.

[4]The underlying cash value rate used to calculate the cash value is guaranteed by the Company,and guaranteed cash value will be effective from the 3rd policy year. If there is any change in the notional amount,the corresponding cash value will be adjusted accordingly.

[5]The reversionary bonus and terminal bonus are only available (i) when the policy has been in effect for 3 years or more; (ii) the policy is then in effect; and (iii) all premiums due under the policy have been paid up to the end of the relevant policy year.

[6]The Flexi Premium Option can be exercised starting from the 4th policy anniversary,provided that at the time of application of the Flexi Premium Option,there is no advance payment of premium under the policy (including both the basic plan and any supplement(s) to the policy) at the prevailing time,all premiums of the policy which are due have been paid and the policy has no indebtedness. An application to exercise the Flexi Premium Option is subject to the approval of the Company at its absolute discretion. Please refer to the relevant product brochure for more details.

[7]The Bonus Lock-in Option can be exercised starting from the 25th policy anniversary,and only one application can be made within a policy year.The Bonus Lock-in Option is applicable to both the cash value of the reversionary bonus and the cash value of the terminal bonus. The percentage of the latest cash value of the reversionary bonus and the percentage of the latest cash value of the terminal bonus you apply to transfer to the bonus lock-in account must be identical. The annual maximum lock-in rate is 70%.

[8]The bonus lock-in account will form a separate fund,where it does not form part of the asset share and is separately managed. The interest rate is not guaranteed. AXA determines the interest rate from time to time based on the past investment performance,as well as future investment outlook of the assets of this fund and takes reference to the interest rates in the market.

[9]When the insured dies before the maturity date while the basic plan is in effect,the owner and beneficiary may apply to receive the compassionate benefit and continue with the policy with the contingent insured replacing the deceased insured and becoming the insured. However,specified conditions must be fulfilled. For the related conditions,please refer to the relevant product brochure.

[10]The compassionate benefit is the benefit designated by the policy owner upon the application for the designation of the contingent insured and is payable to the beneficiary in the event of the death of the insured before the maturity date. As a result of the payment of the compassionate benefit,the notional amount,guaranteed cash value,reversionary bonus (if any),terminal bonus (if any),value of the bonus lock-in account (if any),the benefits and the premiums payable under the policy will be reduced accordingly.

[11]"Age 138" refers to the policy anniversary on or immediately following the insured's 138th birthday.

ABOUT AXA HONG KONG AND MACAU

AXA Hong Kong and Macau,a member of the AXA Group,prides itself on serving over 1.5 million customers [1] with our superior products and services. AXA is the top-tier life insurer in Hong Kong with the longest history [2]. In addition to being the No. 1 global Property & Casualty commercial lines insurer [3],we are the No. 1 most considered insurance brand in Hong Kong [4]. We are also one of the largest health protection providers in Hong Kong and Macau.

AXA is one of the most diversified insurers,providing a full range of coverage for individual and commercial customers. We offer all-round,integrated solutions across Life,Health and Property & Casualty to address all our customers' insurance needs.

As an innovative insurer,we leverage on Big Data and AI to transform the customer experience end-to-end,making insurance simpler and more personal. We continue to drive innovation notably in health and protection,supporting customers in prevention,treatment and recovery.

We also believe it is our inherent responsibility to support the communities in which we operate. AXA Foundation is our flagship corporate social responsibility programme covering all our efforts in promoting holistic wellbeing and supporting the underprivileged to create a positive and lasting impact in the communities of Hong Kong and Macau.

[1] Including customers of AXA China Region Insurance Company Limited,AXA China Region Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability),and AXA General Insurance Hong Kong Limited

[2] Top tier insurers are defined based on the annualised premiums of Individual Direct New Business (Classes A to F) of Statistics on Hong Kong Long Term Insurance Business published by the Insurance Authority

[3] AXA Corporate Solutions,AXA Matrix Risk Consultants,AXA Insurance Company,and AXA Art with AXA XL's insurance and reinsurance operations combined

[4] AXA Hong Kong Brand Preference Tracking Report 2019

THIS PRESS RELEASE IS AVAILABLE ON AXA'S WEBSITE: AXA.COM.HK

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements including,but not limited to,statements that are predictions of or indicate future events,trends,plans or objectives. Undue reliance should not be placed on such statements because,by their nature,they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 - "Risk factors and risk management" of AXA's Universal Registration Document for the year ended December 31,2019,for a description of certain important factors,risks and uncertainties that may affect AXA's business,and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements,whether to reflect new information,future events or circumstances or otherwise,except as part of applicable regulatory or legal obligations.

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