MetLife HK Raises Interest Rates on Dividend and Coupon Accumulation for USD Policies
HONG KONG, July 17, 2014 /PRNewswire/ — MetLife Hong Kong announced an increase in interest rates to 4.5% per annum on all participating MetLife Hong Kong dividend accumulation and guaranteed cash coupon policies denominated in US dollars with immediate effect.
The decision to raise rates on these policies by approximately up to 75 basis points — different rate structures exist across different policies — reflects the actual experience of our investment return.
MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively "MetLife Hong Kong"), the wholly-owned subsidiary of MetLife, Inc., the largest life insurance company in the United States*, is the first insurer(1) in Hong Kong to make this move in 2014, one that will mean better returns for its policyholders.
"At MetLife Hong Kong, we keep a close eye on market trends and try to stay one step ahead. We’re also a customer-centric company. The decision to raise rates on these policies will improve returns and reflects our ongoing effort to provide the most competitive and attractive products," said Lennard Yong, Chief Executive Officer at MetLife Hong Kong.
The new rate of 4.5% is one of the highest(1) for participating US dollar dividend and coupon accumulation policies among the major insurance market players in Hong Kong.
For all participating policies issued by MetLife Hong Kong, dividends and/or cash coupons paid to policyholders can be left with MetLife Hong Kong to accumulate with interest at a rate based on market conditions and investment performance. The interest rates offered are usually more competitive than a time deposit savings rate available from banks.
LIMRA and MetLife Research 2013
As of July 15, 2014
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