Recent days have been real busy with the failing of top financial institutions in the world. Many of my clients were concerned about their policies with Great Eastern after what happened to AIG.
It was assuring to know that Great Eastern have more than enough capital and financial resources to honour all our obligations (ie claims, maturity proceeds, surrenders, and other liabilities) to policyholders at all times.
MAS requires all life insurance companies to have a minimum capital adequacy ratio of 120% for their life funds. Both Great Eastern Life and OAC have a capital adequacy ratio of over 250%.
Our life funds have insignificant exposure to sub-prime and Lehman securities. The majority of our life funds is invested in fixed income securities, including corporate and government bonds.
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