As Hong Kong’s population ages rapidly, the need for stronger retirement protection is growing. According to the latest projection2 from the Census and Statistics Department, the proportion of people aged 65 or above in Hong Kong is expected to rise significantly from 20.6% in 2021 to 36% in 2046, a clear sign of the city’s ageing trend. As citizens live longer and spend more years in retirement, their living expenses are set to rise, driving demand for stable, sustainable income and thoughtful financial planning. In support of the Government’s initiatives to encourage early retirement planning and promote the silver economy, CTF Life has partnered with the HKMC to promote the PRMP and the RMP. These two programmes aim to provide customers with a stable income to enhance the quality of retirement life, supporting them with diverse and reliable retirement solutions.

Man Kit Ip, Executive Director and Chief Executive Officer of CTF Life, said, “Hong Kong’s rapidly ageing population is driving demand for more comprehensive retirement planning solutions. We are pleased to partner with the HKMC to introduce the PRMP and the RMP through referrals, which complement CTF Life’s product suite to provide customers with stable income streams and an additional wealth management option in retirement, helping customers build well-rounded retirement solutions and reinforce our commitment to creating value beyond insurance.”

Colin Pou, Executive Director and Chief Executive Officer of The Hong Kong Mortgage Corporation Limited, said, “The PRMP and the RMP help retirees convert their life insurance policies or their residential properties into steady monthly payouts, generating lifelong streams of income, thereby enhancing the quality of their retirement lives. We are pleased to collaborate with CTF Life to introduce the PRMP and the RMP to more clients, and to jointly support the Government’s initiative to address the ageing society and promote silver economy.”

CTF Life’s @MyLove Insurance Plan II3 is an eligible life insurance product under the PRMP, allowing customers to use their insurance policies as collateral to apply for monthly or lump-sum payouts to meet their retirement financial needs. The plan provides life protection up to 100 years of age, together with extra accidental death benefit during the first 10 policy years, flexible premium payment options, premium prepayment options, a guaranteed cash value, plus annual dividend and terminal dividend to help customers further grow their wealth. At the same time, through the RMP, customers can convert property value into a stable cash flow. When combined with the ongoing protection provided by life insurance products, this enables a more flexible approach to asset utilisation and delivers dual, stable support for retirement wealth planning.

Notes:

1.The Policy Reverse Mortgage Programme and the Reverse Mortgage Programme are operated by HKMC Insurance Limited, a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. For further information, please refer to The Hong Kong Mortgage Corporation Limited website: www.hkmc.com.hk.

2.Census and Statistics: Hong Kong Population Projections for 2022 to 2046

3.@MyLove Insurance Plan II is an eligible life insurance plan under PRMP, but it does not necessarily mean that the customer’s PRMP application will be approved. The eligibility of this product under the PRMP is based on the features of the product. The customer and the life insurance policy are still required to meet the eligibility criteria under PRMP before applying for the policy reverse mortgage loan.

Important Notice:

- The information contained in this press release is intended as a general summary of information for reference only. For more details, please refer to relevant product brochures, promotion leaflets, and policy documents. For details regarding the CTF Life @MyLove Insurance Plan II, please refer to the policy contract for details of the full terms and conditions.

- This press release does not contain the full provisions of the @MyLove Insurance Plan II, and the full terms can be found in the Policy documents. The @MyLove Insurance Plan II may serve as a standalone plan(s) without bundling with other type(s) of insurance product. Please refer to the main product brochure and policy terms and conditions, as well as the explanatory documents provided by your licensed insurance intermediary, to fully understand the details and complete terms and conditions regarding the mentioned definitions, fees, product features, exclusions, and compensation payment conditions related to @MyLove Insurance Plan II.

- Please refer to the product brochure for more information on the @MyLove Insurance Plan II: https://www.ctflife.com.hk/pdf/en/products/life-insurance/protection/life/@mylove-ii-insurance-plan-brochure.pdf

- For further details, please contact CTF Life’s Customer Service Hotline on +852 2866 8898.

- This press release is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or a solicitation to buy or provision of any of our products outside Hong Kong. Chow Tai Fook Life Insurance Company Limited hereby declares that it has no intention to offer to sell, to solicit to buy or to provide any of its products in any jurisdiction other than Hong Kong in which such offer to sell or solicitation to buy or provision of any product of Chow Tai Fook Life Insurance Company Limited is illegal under the laws of that jurisdiction.

Man Kit Ip, Executive Director and Chief Executive Officer of CTF Life and Colin Pou, Executive Director and Chief Executive Officer of The Hong Kong Mortgage Corporation Limited announced a new collaboration aimed at offering customers an additional option for managing their wealth after retirement.

CTF Life and The Hong Kong Mortgage Corporation Limited representatives at the collaboration kick-off ceremony.

(From left to right) Eleonore Chow, Chief Executive, Agency; Ellick Tsui, Executive Director and Deputy Chief Executive Officer and Chief Financial Officer; Man Kit Ip, Executive Director and Chief Executive Officer of CTF Life; Colin Pou, Executive Director and Chief Executive Officer of The Hong Kong Mortgage Corporation Limited; Kitty Lai, Senior Vice President (Operations) of The Hong Kong Mortgage Corporation Limited / Executive Director and Chief Executive Officer of HKMC Insurance Limited; and Angela Leung, Vice President (Marketing and Business Development) of The Hong Kong Mortgage Corporation Limited.

About CTF Life

Chow Tai Fook Life Insurance Company Limited (“CTF Life”) is proud of its rich, 40-year legacy in Hong Kong. CTF Life is a wholly-owned subsidiary of CTF Services Limited (“CTFS”) (Hong Kong Stock Code: 659) and one of the most well-established life insurance companies in Hong Kong. As a member of Chow Tai Fook Enterprises Limited, CTF Life consistently strengthens its collaboration with the Chow Tai Fook Group (“CTF Group” or “the Group”) ecosystem to support customers and their loved ones in navigating life’s journey with personalised planning solutions, lifelong protection and diverse lifestyle experiences. By leveraging the Group’s robust financial strength and strategic investments across the globe, CTF Life aspires to become a leading insurance company in Asia while continuously creating value beyond insurance.

Chow Tai Fook Life Insurance Company Limited (Incorporated in Bermuda with limited liability)