CIRCULAR – MISL Policyholder Dividend (PHD) Policy 2025 – delivering contract certainty and clearer client benefits

We’re pleased to announce the publication of the MISL Policyholder Dividend (PHD) Policy 2025, effective Monday, 28 July 2025. The new Policy has been drafted to give you contract certainty, codifying how PHDs are earned, pooled, carried forward, redeemed, and retired while preserving all historic benefits you have already accrued.