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Insurance par policy primer: What smoothing and cross subsidy mean for you

Mechanisms provide stable returns but non-investment factors may affect bonuses

MOST policyholders of traditional participating life plans can breathe a sigh of relief that they will not suffer any bonus cut this year.

But a relatively small proportion of policies from three firms - AIA, AXA and Tokio Marine Life Insurance - will suffer some reductions in bonus and...

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