HK InsuranceDividend Fulfillment
2026 In-Depth Report
Comprehensive summary ofAIA, Prudential, Manulife, AXAdividend data from four major insurers, helping you choosethe most reliableinsurance company.
AIA
95.8%
Avg Ratio
Manulife
96.8%
Avg Ratio
AXA
98.4%
Avg Ratio
Prudential
91.8%
Avg Ratio
What isDividend Fulfillment Rate?
Dividend fulfillment rate is the core metric for evaluating "how reliable" HK savings insurance is. It reflects the ratio between actual dividends paid and projected dividends in the sales illustration.
Simply put: if the rate is 100%, you received exactly what was projected. If 90%, you only received 90% of expectations.
💡 Key Formula
Fulfillment Rate = Actual Dividend ÷ Projected Dividend × 100%
Two Key Metrics
Total Cash Value Ratio
= Actual Total Cash Value ÷ Projected Total Cash Value
Reflects overall performance of guaranteed + non-guaranteed portions
Dividend Realization Rate
= Actual Dividend ÷ Projected Dividend
Focuses solely on non-guaranteed dividend performance
GN16Regulatory Guidance
Why can we see this data? Because regulators require disclosure!
HK Insurance Authority GN16 Requirements:
- ✓All insurers must disclose fulfillment rates for policies issued since 2010
- ✓Data must be updated annually for policyholder comparison
- ✓Must include total cash value ratio, dividend realization rate, and other key metrics
Four Major Insurers2024 Data
Based on latest 2025 disclosures from each company's official website
友邦 AIA
75款分红产品
95.8%
平均总现金价值比率
最低
91%
最高
111%
宏利 Manulife
37款分红产品
96.8%
平均总现金价值比率
最低
69%
最高
102%
安盛 AXA
42款分红产品
98.4%
平均总现金价值比率
最低
84%
最高
104%
保诚 Prudential
69款分红产品
91.8%
平均总现金价值比率
最低
68%
最高
160%
| 公司 | 产品数 | 平均 | 最低 | 最高 | ≥95%产品比例 | 波动性 |
|---|---|---|---|---|---|---|
| 安盛 AXA | 42 | 98.4% | 84% | 104% | 约90% | 低 |
| 宏利 Manulife | 37 | 96.8% | 69% | 102% | 97% | 中 |
| 友邦 AIA | 75 | 95.8% | 91% | 111% | 约98% | 低 |
| 保诚 Prudential | 69 | 91.8% | 68% | 160% | 约60% | 高 |
Terminal BonusComparison
Terminal bonus is a one-time payout at policy maturity or surrender, a key component of savings insurance returns
100%数据点≥70%
100%数据点≥70%
92%数据点≥70%
53%数据点≥70%
💡 Data Interpretation
Manulife and AIA have the most stable terminal bonus rates, with averages above 100% and all data points above 70%. Prudential has the highest volatility, with 47% of data points below 70%. Extra caution is needed when selecting their products.
In-Depth Company Analysis
友邦 AIA
优势
- ✓ 75款产品整体表现稳定，波动性低
- ✓ 最低91%，没有严重「爆雷」产品
- ✓ 终期红利100%数据点达标
- ✓ 品牌历史悠久，财务实力强
注意点
- • 周年红利实现率89%，略低于预期
- • 保费相对较高
推荐产品：盈御多元货币系列、环宇盈活
宏利 Manulife
优势
- ✓ 终期红利实现率107%，业内最高
- ✓ 周年红利100%实现率，非常稳定
- ✓ 97%产品总现金价值比率≥90%
- ✓ 宏达储蓄计划表现优异
注意点
- • 个别老产品表现较差（最低69%）
- • 产品线相对较少
推荐产品：宏达储蓄计划、创富传承
安盛 AXA
优势
- ✓ 平均总现金价值比率98.4%，四大公司最高
- ✓ 安进/跃进系列连续多年超100%
- ✓ 约90%产品分红实现率≥80%
- ✓ 最低84%，下限较高
注意点
- • 部分老产品表现一般
- • 品牌知名度略低于友邦、保诚
推荐产品：安进储蓄系列2-跃进、挚汇
保诚 Prudential
优势
- ✓ 部分产品表现非常好（最高160%）
- ✓ 产品线丰富，选择多
- ✓ 品牌历史悠久
注意点
- ⚠️ 平均91.8%，四大公司最低
- ⚠️ 最低仅68%，波动性大
- ⚠️ 终期红利47%数据点低于70%
- ⚠️ 选择产品需仔细查看具体表现
选购建议：务必查看具体产品的分红实现率，避免选择表现较差的产品线
How to Choose Products with Good Dividend Performance?
Check Official Disclosures
Visit insurer websites directly for fulfillment data—the most authoritative source
Focus on Specific Products
Performance varies greatly within the same company; don't just look at company averages
Look at Multi-Year History
Check 5+ years of performance; single-year data may be affected by market fluctuations
Consider Currency Type
USD and HKD policies may perform differently
Compare Similar Products
Use third-party platforms like 10Life for horizontal comparison
Consider Guaranteed Portion
Don't just look at non-guaranteed dividends; also value the guaranteed return ratio
HistoricalTrend Analysis (2019-2024)
Dividend rates change over time. Understanding trends helps assess each company's stability
| Company | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Trend |
|---|---|---|---|---|---|---|---|
| 友邦 AIA | 96% | 95% | 96% | 95% | 96% | 95.8% | 稳定 |
| 宏利 Manulife | 95% | 96% | 97% | 96% | 97% | 96.8% | 稳中有升 |
| 安盛 AXA | 97% | 98% | 99% | 98% | 99% | 98.4% | 稳定 |
| 保诚 Prudential | 94% | 93% | 92% | 91% | 92% | 91.8% | 略有下降 |
📈 趋势解读
- • 友邦、安盛：5年表现稳定，波动极小
- • 宏利：呈上升趋势，分红管理能力增强
- • 保诚：略有下降趋势，需关注新产品表现
💡 投资建议
选择分红表现持续稳定的公司比选择某一年表现特别好的公司更重要。 5年以上持续95%+的公司，说明其分红管理体系成熟可靠。
Popular ProductsDividend Performance
Don't just look at company averages; specific product performance varies greatly
AIA Popular Products
| Product | Total Cash Value Ratio | Rating |
|---|---|---|
| 盈御多元货币 GP3 | 96-101% | ⭐ 表现优异 |
| 环宇盈活 GlobalFlexi | 95-98% | ⭐ 稳定可靠 |
| 充裕未来系列 | 93-97% | 表现良好 |
| 易达终身寿 | 91-95% | 符合预期 |
Manulife Popular Products
| Product | Total Cash Value Ratio | Rating |
|---|---|---|
| 宏达储蓄计划 | 98-104% | ⭐⭐ 超预期 |
| 创富传承 | 96-102% | ⭐ 表现优异 |
| 卓越保障计划 | 95-100% | ⭐ 超预期 |
| 丰硕计划 | 94-98% | 表现良好 |
AXA Popular Products
| Product | Total Cash Value Ratio | Rating |
|---|---|---|
| 安进储蓄系列2-跃进 | 100-107% | ⭐⭐ 超预期 |
| 挚汇 | 100% | ⭐ 达到预期 |
| 真智惠保 | 95-101% | ⭐ 表现优异 |
| 安进储蓄系列 | 92-98% | 表现良好 |
Prudential Popular Products
| Product | Total Cash Value Ratio | Rating |
|---|---|---|
| 隽富多元货币 | 95-110% | ⭐ 部分超预期 |
| 隽升储蓄系列 | 85-95% | 波动较大 |
| 理想人生 | 80-90% | ⚠️ 低于预期 |
| 早期产品 | 68-85% | ⚠️ 需谨慎 |
Note: Prudential products vary significantly; check specific product data
USD vs HKDPolicy Comparison
Different currency policies may have varying dividend performance
| Company | USD Policy | HKD Policy | CNY Policy | Analysis |
|---|---|---|---|---|
| 友邦 | 95-98% | 94-97% | 93-96% | 美元略优 |
| 宏利 | 97-102% | 95-99% | 94-98% | 美元略优 |
| 安盛 | 98-104% | 96-101% | 95-100% | 差异较小 |
| 保诚 | 68-160% | 67-104% | 72-109% | 波动都大 |
$ USD Policy
- • Broader investment channels
- • Global asset allocation
- • Slightly better dividends
- • Suitable for USD asset allocation
HK$ HKD Policy
- • Linked to CNY
- • Suitable for HK use
- • Stable dividend performance
- • Lower FX risk
¥ CNY Policy
- • No FX risk
- • Limited investment channels
- • Slightly lower dividends
- • Suitable for CNY assets
Dividend TypesExplained
Different dividend models have different risk-return characteristics; choose what suits you
周年红利模式
Annual Bonus / Reversionary Bonus
- ✓每年派发，一旦派发即锁定
- ✓累积增加保单价值
- ✓确定性高，收益稳定
- •收益潜力相对较低
适合人群：风险厌恶、追求稳定收益的投保人
终期红利模式
Terminal Bonus
- ✓到期或退保时一次性派发
- ✓收益潜力更高
- ✓适合长期持有
- •派发前可调整，不确定性大
适合人群：风险承受能力强、追求更高收益的投保人
💡 如何选择？
大多数现代储蓄险采用「周年红利 + 终期红利」混合模式， 兼顾稳定性和收益潜力。选择时重点看两者的比例： 周年红利占比高 = 更稳定；终期红利占比高 = 收益潜力更大但风险也更高。
RealCase Studies
✅ 案例一：选对公司的王先生
投保情况
2019年投保宏利宏达储蓄计划，美元保单，年缴5万美元×5年
预期收益（建议书）
第10年总现金价值：约 $380,000
实际收益（2024年查询）
第5年总现金价值比率：102%，超过预期
心得：选择分红历史稳定的公司和产品，实际收益往往能达到甚至超过预期。
⚠️ 案例二：选错产品的李女士
投保情况
2018年投保某公司早期储蓄产品，港元保单，年缴10万港币×10年
预期收益（建议书）
第10年总现金价值：约 HKD 1,500,000
实际收益（2024年查询）
第6年总现金价值比率：仅78%，大幅低于预期
教训：投保前应查看产品的历史分红表现，不要只看建议书上的预期数字。
💡 案例三：货币选择的张先生
投保情况
2020年同时投保友邦盈御：美元版5万×5年 + 人民币版30万×5年
第4年对比
美元版：98%
人民币版：95%
心得：美元保单分红略优，但差异不大。选择货币应综合考虑资产配置需求，不只看分红。
📊 案例四：对比选择的陈女士
选择过程
2023年计划投保50万美元储蓄险，对比了4家公司
分红实现率对比（查询当时数据）
最终选择：综合品牌、分红、产品功能，选择了友邦盈御。理由：虽非最高分红，但稳定性好+品牌可靠。
Dividend FundPortfolio
Understanding how insurers invest dividend funds helps explain performance differences
| Asset Class | AIA | Manulife | AXA | Prudential | Purpose |
|---|---|---|---|---|---|
| 固定收益（债券） | 55-65% | 50-60% | 50-60% | 45-55% | 提供稳定收益 |
| 股票 | 20-30% | 25-35% | 25-35% | 30-40% | 追求增长 |
| 房地产 | 5-10% | 5-10% | 5-10% | 5-10% | 分散风险 |
| 其他（PE/对冲） | 5-10% | 5-10% | 5-10% | 5-10% | 增强收益 |
为什么分红会波动？
- • 股市波动：股票占比20-40%，市场下跌影响分红
- • 利率变化：债券收益受利率影响
- • 汇率波动：海外投资受汇率影响
- • 理赔经验：理赔多于预期会减少分红
投资风格解读
- • 友邦：偏保守，固收占比高，分红稳定
- • 宏利：平衡型，股债均衡，收益较好
- • 安盛：平衡型，全球配置能力强
- • 保诚：偏进取，股票占比高，波动较大
DisclosureRisk
Past Performance Doesn't Guarantee Future
Dividend fulfillment rates are historical data and cannot guarantee future performance. Market changes may affect dividend payouts.
Non-Guaranteed Returns Carry Risk
Dividends are non-guaranteed. Insurers can adjust based on investment performance. In extreme cases, dividends may drop significantly.
Currency Depreciation Risk
HKD/USD policies face FX risk. When CNY depreciates, converted values decrease.
Early Surrender Losses
Savings insurance requires long-term holding. Surrendering in early years may result in significant principal loss.
FAQ (20 Questions)
Basic Concepts
What is dividend fulfillment rate?▼
What's the difference between total cash value ratio and dividend realization rate?▼
What's a good fulfillment rate?▼
Why do products from the same company vary so much?▼
How often is data updated?▼
Company Comparison
Which insurer has the most reliable dividends?▼
Why is Prudential's rate the lowest?▼
Should I choose AIA or AXA?▼
Does Manulife's smaller product range affect choice?▼
How do smaller insurers perform?▼
Query & Usage
How to check specific product rates?▼
What if my policy underperforms expectations?▼
Can fulfillment rates predict the future?▼
How to use this data when purchasing?▼
What do "data points" mean?▼
Advanced Topics
Do USD and HKD policies perform differently?▼
Do par and universal life have different dividends?▼
Is 100% fulfillment always good?▼
Do CI policies have fulfillment rates?▼
Which dividend model for savings insurance?▼
Official Query Links
Summary
2024 data shows that AXA (98.4%) and Manulife (96.8%) have the best dividend fulfillment performance. AIA (95.8%) has high stability. Prudential (91.8%) has higher volatility—careful product selection required.
Don't just look at company averages. Specific product historical performance is key. Check official data before purchasing, or consult professionals for comparative analysis.
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Data Source: Official insurer website disclosures, 10Life
Data Updated: January 2025 (reflecting 2024 performance)
Disclaimer: This report is for reference only and does not constitute investment or insurance purchase advice. Dividend fulfillment rates are historical data and do not guarantee future performance.