TODAY - Sep 01, 2009 (Page 10)
Insurance company Great Eastern said the majority of its GreatLink Choice products have been redeemed. The affected policies involve a series of structured products and the redemption offer closed last Friday.
As of Aug 28, Great Eastern said some 62 per cent of its GreatLink Choice Series 1 and 2 policies were redeemed. The company also saw 99 per cent redemption of policies from Series 3, 4 and 5. Great Eastern expects the number to go up as more redemption forms are still in transit from various collection points. It is also following up with some policyholders who have not responded to the offer because they are overseas.
Under the redemption offer, policyholders of the affected products will receive the money they have invested, minus the total annual payouts they have received so far. This means they will recover almost all their invested capital.
The move, which affects 18,000 policyholders, could potentially cost the company $594 million.
Channel NewsAsia
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