Withdrawal of authorisation and termination of various Investment-linked Funds - Hong Kong Fund Review Phase 1
11 Feb 2026
Only impacts the fund range for Hong Kong Onshore and Hong Kong Offshore designated policyholders
Withdrawal of authorisation and termination of the below FPIL Investment-linked Funds ("ILFs"):
- Templeton Asian Bond (USD) (H76)
- Value Partners Greater China High Yield Income (H81)
- Barings Asia Growth (H10)
- Allianz Asia Ex China Equity (USD) (H06)
- Invesco Asia Opportunities Equity (H34)
- Allianz Total Return Asian Equity (H09)
- abrdn SICAV I Asia Pacific Sustainable Equity (USD) (H02)
(together the “Affected ILFs”)
We continually monitor our investment-linked fund range in order to achieve the quality and diversity for our international investors. Our reviews, which may include the addition or removal of funds, aim to provide an updated and comprehensive selection of investment-linked funds to our policyholders. We consider a range of factors, including, but not limited to, underlying fund size, fund performance, and on-going suitability for the range.
As a result of a recent review of the Asian Bond and Asia-Pacific Equity fund sectors, FPIL has made the decision to terminate the Affected ILFs with effect from 10 April 2026 (the Effective Date”).
Action required by policyholders paying regular premiums into the Affected ILFs:
Policyholders are free to re-direct future regular premiums, without charge, to any other investment-linked fund(s) available under their policy by completing a Switch/Redirection instruction form, a copy of which is available on request, and returning it to our Hong Kong office or through our online services portal on or before 4:30pm (HK time) on 8 April 2026 (the “Deadline”).
If we do not receive alternative instructions by the Deadline, from 9 April 2026 (the “Redirection Date”) we will direct, without charge, any regular premiums received for an Affected ILF into the associated investment-linked fund (“Default ILF”), detailed in the table below:
| Affected ILF | Default ILF | ||
|---|---|---|---|
| Affected ILF 1 | Templeton Asian Bond (USD) (H76) | Default ILF 1 | Schroder Asian Bond Total Return (H66) |
| Affected ILF 2 | Value Partners Greater China High Yield Income (H81) | Default ILF 2 | JPM USD Money Market VNAV (H45) |
| Affected ILF 3 | Barings Asia Growth (H10) | Default ILF 3 | JPMorgan Asia Growth (H47) |
| Affected ILF 4 | Allianz Asia Ex China Equity (USD) (H06) | Default ILF 4 | JPMorgan Asia Growth (H47) |
| Affected ILF 5 | Invesco Asia Opportunities Equity (H34) | Default ILF 5 | Invesco Asian Equity (H35) |
| Affected ILF 6 | Allianz Total Return Asian Equity (H09) | Default ILF 6 | Invesco Asian Equity (H35) |
| Affected ILF 7 | abrdn SICAV I Asia Pacific Sustainable Equity (USD) (H02) | Default ILF 7 | FSSA Asian Equity Plus (H29) |
We select an appropriate Default ILF based on various factors, which include, but are not limited to, (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination. The Default ILFs have been chosen as the most similar to the existing Affected ILFs. For Affected ILF 2, as no suitable fund is available, we have instead selected JPM USD Money Market VNAV (H45) (Default ILF 2); which primarily invests in USD-denominated short-term debt securities, deposits with credit institutions, and reverse repurchase transactions.
Further details and comparative information between each Affected ILF and the corresponding Default ILF we have selected can be found in the Appendix in the Sample Client Communication opposite.
Action required by policyholders with existing investments in the Affected ILFs
Policyholders are free to switch their existing investments out of the Affected ILFs at any time up to the Deadline, without charge, to other investment-linked fund(s) available under their Scheme. They can do this by completing a Switch/Redirection instruction form and returning it to our Hong Kong office, or through our online services portal, by the Deadline. If we have not received any instruction by the Deadline, we will automatically switch existing investment in an Affected ILF into the stated Default ILF on the Effective Date, without charge.
The changes above will happen automatically within affected policies/contracts and policyholders do not need to take any action if they agree with the choice of Default ILF that we have selected.
We have contacted impacted policyholders and their financial advisers to notify them of the fund closures; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.
Should you have any questions regarding this notification, please contact the Investment Marketing Team.
