With regard to the recent protests by some Evolution policyholders, the company has issued a statement as follows:

“Evolution” is a non-guaranteed investment-linked life insurance product distributed predominantly by independent brokers. It gives professional investors the freedom to choose independently their investments to which their policy is linked without any advice from AXA. As clients are aware, the investment risk remains their responsibility with that type of product.

“Worldwide Opportunities Fund SPC – Hong Kong Investment Fund SP” (“HKIF”), a fund managed by CES Capital International (Cayman) Co., chosen by around 200 Evolution clients, has experienced a significant drop in value and is now in liquidation. The Evolution clients who chose HKIF were mainly represented by an independent broker, Asia One.

We are actively assisting the Commercial Crime Bureau of the Hong Kong Police Force ("CCB") with its criminal investigations into alleged fraudulent activity related to HKIF. We have also successfully obtained the appointment of independent liquidators in the Cayman Islands. The liquidators have extensive powers to investigate events leading to the loss in the fund’s investments, and whether there has been any mismanagement and/or misconduct.

Over the past several months, we have met with policyholders on multiple occasions to update them on actions taken by AXA and the relevant authorities and to try and obtain details of their investments to assist the CCB and the liquidators with their investigations. It is regrettable that some of these policyholders have chosen to ignore the complexity of the situation and the apparent fraud by other parties and have instead targeted their protests against AXA. 

AXA urges these policyholders to resume constructive dialogue in a joint effort with us to assist the various authorities in their investigations in order to resolve this matter.

All of our services and products remain unaffected by this isolated incident.