New AXA plan allows residents to ‘seize currency potentials’

Insurance giant AXA Hong Kong and Macau recently launched the “FortuneXtra Savings Plan” to “help customers seize currency potentials and accelerate wealth building with exceptional flexibility to suit changing trends and needs,” the firm announced in a statement. 

Kevin Chor, AXA’s Chief Life and Health Insurance Officer, said, “In September 2021, Hong Kong recorded a six-year record high for non-US Dollar foreign currency deposits, equivalent to over HKD 2 trillion. In particular, RMB customer deposits increased by more than 25% year-on-year.”

According to Chor, the firm saw a huge demand for foreign currencies: a trend corroborated in a survey jointly conducted by AXA and an independent research agency in November 2021.

Approximately 70% of the respondents, said Chor, currently hold foreign currency savings or investment, of which insurance products constitute the third most common form of investment after bank deposits and stocks. 

In terms of currencies favored, the Euro is one of the most popular choices together with the United States Dollar (USD) and the Renminbi (RMB).“These survey findings inspired us to launch FortuneXtra which provides exceptional potential return and unmatched flexibility to meet the market needs, underscoring AXA’s commitment to be a life-long partner to our customers,” Chor said. 

FortuneXtra provides policies with a choice of nine currency options. LV