Total value ratio compares the actual against the illustrated total value shown in the proposal at the time of sale, including both the guaranteed and non-guaranteed benefits. It is calculated across all policies for a single plan, rather than for an individual policy. It is an average measure of total surrender benefits, which may not reflect the circumstances of an individual policy.

Tables of total value ratios are available for plans with policies issued since 2010 and still have policies inforce in the reporting year, except if:

• Your plan does not offer non-guaranteed benefits
• Your plan is an investment-linked assurance scheme

The calculation of total value ratios includes only the policies effective on or after 2010 for the relevant plans.

However, there can be multiple reasons why your plan does not have a total value ratio for a particular policy year, the most common factors are listed below:

• There were no surrender benefits provided in that year due to the plan features
• The plan was launched after that year
• The plan was closed before that year
• There are no inforce policies in that year

The calculation of total value ratio includes both the guaranteed benefits and the non-guaranteed benefits of the policies, while that of fulfilment ratio includes only the non-guaranteed benefit.

If your plan has total value ratio but not fulfilment ratio for a particular policy year, the most common factors are listed below:

• There were guaranteed benefits, but no non-guaranteed benefits provided in that policy year due to the plan features
• For fulfilment ratio of terminal dividend and terminal bonus, none of the policies effective in that policy year were terminated during the reporting year

The total value ratios are average ratios calculated for a large number of policies under the respective plans, instead of calculated on an individual policy basis. The total value ratios shown may not reflect the circumstances of any particular policy and are for reference only.