BOC Life Achieved Steady Performance for the First Three Quarters of 2021

BOC Group Life Assurance Company Limited (‘BOC Life’) reported a steady performance for the first three quarters of 2021. As of 30 September 2021, the standard premiums of new policies reached HK$8.320 billion, achieved 13.39% market share while maintaining the third place in Hong Kong’s life insurance market.

The Company’s RMB-denominated policies accounted for around 80% of market share in the first three quarters of 2021, with standard premiums of new RMB-denominated policies up 16% year-on-year. The standard premiums of new online business for the first three quarters this year totalled HK$952 million. Benefitted from the digital diversification, BOC Life also remains its leading position in direct sales channel. 

The Insurance Authority just published the provisional statistics for the first three quarters of 2021*, new office premiums (excluding Retirement Scheme business) of long term business were HK$ 122.5 billion, marking a 24% increase.

Wilson Tang, Chief Executive of BOC Life said, “Although affected by the COVID-19 pandemic, BOC Life maintained a similar level of business performance comparing with the same period of last year. As business derived from the Mainland China customers has yet to fully recover, I believe insurers will focus on local market expansion, hence will intensify the market competition. The improved pandemic situation, the rising vaccination rate together with the hope of border reopen, will all render a stronger revival force for Hong Kong’s economic recovery.”

Looking forward, BOC Life would continue seizing the opportunities of the Greater Bay Area, to further expand its strategic partnership to develop retirement related business while establishing the wellness ecosystem. In addition, the Company will put more resources on ESG initiatives to create a triple win for the business, the environment and the society at large.

* Provisional Statistics for Long Term Business for the first three quarters of 2021 by the Insurance
Authority: https://www.ia.org.hk/en/infocenter/press_releases/files/Summary_on_2021_3Q_Provisional_Statistics.pdf