Notification of closure of various Mirror Funds - Hong Kong Fund Review Phase 3

24 Jul 2026

Only impacts the fund range for Hong Kong Onshore and Hong Kong Offshore designated policyholders

Notification of closure of the below Friends Provident International Limited (“FPIL”) mirror funds:

• H01 abrdn SICAV I All China Sustainable Equity (USD)
• H16 Barings Korea Feeder
• H23 BNP Paribas Brazil Equity
• X02 Janus Henderson Horizon China Opportunities

(together the “Closing Mirror Funds”)

We continually monitor our fund range in order to achieve quality and diversity for our international investors. Our review, which may include the addition or removal of funds, aims to provide an updated and comprehensive selection of investment-linked mirror funds to our policyholders. We consider a range of factors, including, but not limited to, underlying fund size, fund performance, investor support for a mirror fund, and on-going suitability for the range. 

As a result of a recent review of the Equity - Single Country fund sector, the Closing Mirror Funds will be removed from the FPIL fund range from 23 October 2026 (the “Effective Date”).

We will switch existing holdings in the Closing Mirror Funds, and where applicable will redirect future regular premium payments, into the following default replacement mirror funds (“Default Replacement Mirror Funds”): 

We select the appropriate Default Replacement Mirror Funds based on various factors, which include, but are not limited to, (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination. The Default Replacement Mirror Funds have been chosen as the most similar to the existing Closing Mirror Funds. For Closing Mirror Fund 2, as no suitable fund is available, we have instead selected H45 JPM USD Money Market VNAV (Default Replacement Mirror Fund 2); which primarily invests in USD-denominated short-term debt securities, deposits with credit institutions, and reverse repurchase transactions.

Further details and comparative information between each Closing Mirror Fund and the corresponding Default Replacement Mirror Fund we have selected can be found in the Appendix in the Sample Client Communication opposite.

Only continuing regular contributions will be permitted into the Closing Mirror Funds with immediate effect. No new single or regular contributions will be permitted into the Closing Mirror Funds, whether from new or existing investors.

From 22 October 2026 (the “Redirection Date”) any premium allocation which would usually be applied to the Closing Mirror Funds will be automatically redirected to the relevant Default Replacement Mirror Fund. All holdings in the Closing Mirror Funds will be switched into the relevant Default Replacement Mirror Funds as of the Effective Date.

The changes above will happen automatically within affected policies/contracts and policyholders do not need to take any action if they agree with the choice of Default Replacement Funds that we have selected. 

We have contacted impacted policyholders and their financial advisers to notify them of the fund closures; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.

We recommend that policyholders seek the advice of their usual independent financial adviser before making any investment decisions.

Should you have any questions regarding this notification, please contact the Investment Marketing Team.