Insurance Innovation Generation: Savings Insurance with Up to 9 Currency Options, Flexible Conversion for Added Benefits

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Strong Demand for Foreign Currencies and Abundant Market Opportunities

Under the trend of global mobility, the demand for foreign currencies among Hong Kong residents has surged in recent years. According to data from the Hong Kong Monetary Authority (Note 3), as of September 2021, non-US dollar foreign currency deposits by local customers recorded double-digit growth, increasing by 17% year-on-year, with RMB deposits rising by as much as 28%.

The "AXA Multi-Currency Survey" conducted by AXA Hong Kong and Macau and independent research agency YouGov in December 2021 also revealed significant local demand for foreign currencies. Among respondents, 67% anticipated needing foreign currencies within the next 5 years. Reasons for using foreign currencies beyond travel included overseas investments, children’s education, and emigration. The most popular currencies were the US Dollar and RMB, followed by the British Pound, Australian Dollar, and Euro.

Up to 9 Currency Options for Flexible Financial Planning

To balance savings with exchange rate trends, AXA摯匯 offers flexible advantages. Whether planning for future studies abroad, business trips, or emigration, policyholders can rely on this savings insurance to prepare for what lies ahead. AXA摯匯 provides up to 9 currency options for policies, including HKD, MOP (only for policies issued in Macau), and USD, as well as RMB, GBP, CAD, AUD, SGD, and a market-exclusive EUR option (Note 2).

Table: AXA摯匯 9 Currency Options

Renminbi RMB

US Dollar USD

British Pound GBP

Euro EUR

Canadian Dollar CAD

Australian Dollar AUD

Singapore Dollar SGD

Hong Kong Dollar HKD

Macau Pataca MOP
(Only for policies issued in Macau)

The flexibility of AXA摯匯 is not only reflected in the currency choices at the time of purchase. Starting from the 3rd policy anniversary, policyholders are entitled to exercise a "Currency Conversion Option" once per year (Note 1), converting all or part of their policy into another currency while maintaining the original policy start date to continue wealth accumulation without requiring re-underwriting.

Partial conversion means a policy can be "split into two". For instance, 50% of the value of a USD policy can be converted into an RMB-denominated AXA摯匯 policy to cater to the policyholder’s needs at different life stages. Holding savings insurance in multiple currencies offers greater financial flexibility. Once a policy is fully or partially converted, the notional amount, premiums payable, and projected policy value will be adjusted accordingly.

Additionally, from the 3rd policy year onwards, policyholders can access guaranteed cash value. Subsequently, they can benefit from savings growth potential through non-guaranteed policy enhancement bonuses and terminal bonuses.

Dual Currency Accounts for Flexible Allocation and Withdrawal

Beyond full or partial currency conversion, AXA摯匯 introduces a market-first "Dual Currency Account" (Note 2), allowing policyholders to hold savings in up to two currencies under a single policy.

The first is the "Primary Currency Account". Starting from the 10th policy anniversary, policyholders can exercise the "Policy Value Lock-in Option" to transfer 10% to 50% of the guaranteed cash value, the latest cash value of policy enhancement bonuses, and the latest cash value of terminal bonuses (Note 4) into the "Primary Currency Account" denominated in the policy currency. This account earns interest and allows withdrawals at any time.

Policyholders can also designate one of the other available currencies as the currency for the second account, the "Global Currency Account". In addition to earning interest and allowing withdrawals at any time, the value in both currency accounts can be allocated unlimited times without any handling fees, offering high currency flexibility.

Premium Grace Period of Up to 365 Days

Life is full of significant events that can disrupt carefully planned financial strategies. AXA摯匯 allows policyholders, from the 2nd policy year onwards, to extend the premium grace period to up to 365 days under specific circumstances (Note 5), including marriage, childbirth, redundancy or dismissal, divorce, or a change in primary residence.

Exceptional Flexibility with AXA摯匯 Advantages

Let’s take Sam as an example to understand how the unique advantages of AXA摯匯 can flexibly prepare for different life stages. At age 25, as Sam started his career, he purchased AXA摯匯 (denominated in HKD) for long-term savings. By age 30 (5th policy year), planning to emigrate to the UK in 5 years, he exercised the "Currency Conversion Option" to split 50% of the HKD policy into a GBP policy to prepare for living expenses there.

At age 36 (11th policy year), Sam moved to the UK and exercised the "Policy Value Lock-in Option", transferring 50% of the guaranteed cash value and non-guaranteed bonuses from the GBP policy into the "Primary Currency Account". This locked in returns while allowing easy GBP withdrawals and earning interest. Simultaneously, he set up a USD-denominated "Global Currency Account" to meet his USD needs.

By age 40 (15th policy year), Sam’s parents planned to retire in the Greater Bay Area. As a devoted son, Sam converted the remaining HKD policy entirely into an RMB policy and transferred ownership to his parents, allowing them to lock in and withdraw cash value for retirement purposes.

At age 50 (25th policy year), Sam’s son Shawn, who grew up in the UK, decided to return to Asia for work in Singapore. To support his son, Sam converted the GBP policy into an SGD policy and transferred ownership to Shawn, providing him with more financial resources to build his career.

To prepare for an ever-changing future, meticulous planning is essential. AXA摯匯 offers highly flexible financial options. A single savings insurance policy can be fully or partially converted into multiple currencies, and with dual currency accounts, policyholders can lock in market gains and make withdrawals anytime, enabling them and their families to pursue diverse futures.

Notes:

For AXA摯匯, starting from the 3rd policy anniversary, policyholders may apply to exercise the Currency Conversion Option within 30 days of each policy anniversary. Only one conversion request can be made within a policy year.
This is based on a comparison of participating savings plans offering policy enhancement bonuses among insurers providing individual business (new direct business) under Life and Annuity (Non-Linked (Class A)) as per provisional statistics of long-term insurance business in Hong Kong from January to June 2021 by the Insurance Authority, for new policies issued between 2011 and November 2021. The comparison is based on information from relevant insurer websites and other data obtained by AXA Hong Kong and Macau, accurate as of November 2021.
Data sourced from the Hong Kong Monetary Authority’s Monthly Statistical Bulletin.
AXA Hong Kong and Macau reserves the absolute discretion to adjust the minimum and maximum lock-in rates annually. Applications for locked-in amounts must not result in the notional amount falling below the minimum amount determined by the company at its discretion from time to time.
Only one application for an extended grace period can be made under a policy. The extended grace period is available only if the basic plan has been in force for more than 1 year after (i) the policy date or (ii) any reinstatement date of the policy (whichever is later). For converted or split policies, the extended grace period is only available if no such extension has been applied for or approved by AXA Hong Kong and Macau for any prior policies.

Remarks:

The "摯匯儲蓄計劃" is underwritten by AXA Insurance (Bermuda) Limited (a company incorporated in Bermuda) ("AXA Hong Kong and Macau"). This plan is subject to the terms, conditions, and exclusions of the relevant policy contract. AXA Hong Kong and Macau reserves the final right to accept applications for this plan. This article provides general information only and does not constitute any contract between AXA Hong Kong and Macau and any person. This article is not a policy. For detailed terms, conditions, and exclusions of this plan, please refer to the relevant policy contract, which is available from AXA Hong Kong and Macau upon request.

The above information is provided by AXA Hong Kong and Macau, updated as of 17 January 2022, and is for reference only. It does not constitute sales advice.

This English version of this article has been generated by machine translation powered by AI. It is provided solely for reference purposes. In the event of any discrepancy or inconsistency between this translation and the original Chinese version, the Chinese version shall prevail.

Last updated: 9 Apr 2026

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