Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
531.2516

Press Releases

Result Announcement of the Registration of Subscription Intention of HKMC Annuity Plan

HKMC Annuity Limited (HKMCA), wholly-owned by The Hong Kong Mortgage Corporation Limited (HKMC), announced today the first tranche of HKMC Annuity Plan (the Plan) records a total of 9,410 registrations of Subscription Intention. The total subscription amount and the average subscription amount stand at around HK$ 4.94 billion and HK$ 525,000 respectively1 (See Annex).

The HKMCA officially launched the Plan on 5 July 2018, announcing the issue limit for the first tranche of the Plan would be HK$ 10 billion.  The HKMCA confirms to satisfy the subscription demand of all of the applicants, and to fully allot all of the applicants their Intended Subscription Amounts, as the total subscription amount falls within the issue limit.  The final premium amounts will however be subject to the results of the financial needs analyses.

Executive Director and Chief Executive Officer of HKMCA, Mr Edmond Lau, said, “We are satisfied with the overall outcome of the launch of the Plan.  The promotional campaign this time has encouraged widespread discussion in the community related to life annuities and other retirement financial planning products.  As life annuities are relatively new long-term insurance products, the public will require more time to comprehend the concepts and features.  The HKMCA will continue to implement and strengthen the promotional work, in order to increase the public understanding about life annuities, and to lay a good foundation to the development of the local annuities market.”

The HKMCA will complete the allotment and distribution work at the soonest, and will mail the allotment result notices to all applicants within one week starting from 17 September.  We will then arrange the applicants to Agent Banks or the HKMCA Application Servicing Centre based on the random balloting results to complete the application procedures starting from late September.  We will strive to complete the distribution process by the end of October.

As for the distribution of the Intended Subscription Amounts, around 30% (2,854) of the applicants registered their intent to subscribe for HK$ 1 million.  Around 54% (5,126) of the applicants registered their intent to subscribe for HK$ 500,000 or above.  Around 62% (5,827) of the applicants are aged 65 to 69.  Around 23% (2,160) of them are aged 70 to 74.  Only around 15% (1,423) of them are aged 75 or above2.

The Plan is an insurance product.  The insured can immediately receive a guaranteed stream of fixed income after paying a single premium.  The annuity is payable monthly for the whole of life of the insured.  The objectives of the Plan are to provide an additional and reliable retirement financial planning option to people aged 65 or above, and to promote the development of the local annuities market.

For public enquiries, please call 2512 5000.  For media inquiries, please call 2536 0002. 

 

HKMC Annuity Limited
10 August 2018

 


1The above total and average subscription amounts are the preliminary figures.  All the figures are subject to the verification by the HKMCA

2The above distributions are the preliminary figures. All the figures are subject to the verification by the HKMCA

Last revision date: 10 August 2018
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery