BOC Life Achieved Strong Business Growth in Q1 2025

BOC Group Life Assurance Company Limited (“BOC Life”) announced its first quarter performance with strong growth achieved. As of 31 March 2025, the standard  premiums of new policies reached  HK$8.77 billion, recorded a 15% year-on-year increase which marked a historical quarterly record of the company, underscores BOC Life’s leading position in Hong Kong’s life insurance market¹.

The company’s RMB-denominated insurance continued to be at the top of the market, with over 50% market share for more than a decade². In addition, BOC Life ranked first in key performance parameters, including digital sales channels³, per capita productivity⁴ of its wealth management team, as well as  its brokerage business⁵. The wealth management team made its debut in the Global Top 100 for Million Dollar Round Table (MDRT) membership⁶, and achieved the fastest MDRT year-on-year growth rate among Hong Kong insurers⁷.

Wilson Tang, Chief Executive of BOC Life, said: “BOC Life continues to outperform the market while proactively capturing new opportunities. We have delivered solid investment returns, with dividend fulfilment rates remain the industry high. Some of our participating life insurance products have consistently achieved a 100% fulfilment ratio since launch. Going forward, we will capitalise the enormous opportunities brought by the Greater Bay Area (GBA) integration and the silver economy. Leveraging our ‘Insurance + Healthcare’ advantages, we are committed to championing the retirement financial market, offering premium cross-border solutions to foster high quality development and healthcare interoperability of GBA."

On the product front, BOC Life’s multi-currency whole life products, such as “Glamorous Glow Global Whole Life Insurance Plan” and “Eternal Fortune Global Whole Life Insurance Plan” continue to achieve strong sales performance. The “IncomeJoy Lifelong Insurance Plan”, an income stream product launched at the end of last year, has already generated over HK$1 billion in new annualised premiums within just six months, has become a key growth driver for 2025.

BOC Life’s online business maintains the top position in the market. During the tax season, BOC Life stepped up the promotion of Qualifying Deferred Annuity Policies (QDAP), tripled the online QDAP premiums year-on-year, with nearly half of which were from the new customers. BOC Life has simultaneously strengthened its “Bank + Insurance” synergy with Bank of China (Hong Kong), further expanding BOC Life’s reach leveraging the bank’s customer base, contributing to solid and sustainable business growth.

Apart from enhancing multi-channel distribution, digital transformation as well as product and service offerings, BOC Life is addressing the challenges posed by ageing population through cross-sector collaboration to build healthcare ecosystems, to deliver high-quality “financial + non-financial” integrated retirement solutions. For wealth management products, the company will provide retirement annuity and income generation products, designed to create cash flow to meet customers’ retirement needs. The company will also develop products focusing on travel-based, home-based and institutional-based solutions, supporting the diverse needs of customers in different stages of their retirement journey.

BOC Life will further enhance its “RetireCation” Experience Programme by expanding its network of destinations and strategic partners. New locations will be added to the RetireCation destinations, including Japan, South Korea, Thailand and other popular Southeast Asian countries, reinforcing the company’s global retirement strategy. In response to the growing trend of Hong Kong residents retiring in Mainland China, BOC Life is actively expanding collaborations with quality institutions across GBA and other Mainland cities to launch pilot cross-border retirement initiatives to address the rising demand for premium retirement solutions, offering customers a fulfilling retirement life, while fostering the development of the silver economy.
 

1. Based on the Insurance Authority’s “Quarterly Release of Provisional Statistics for Long Term Business” for the Frist Quarter of 2025 (“IA Q1 2025 Provisional Statistics”) (https://www.ia.org.hk/tc/infocenter/statistics/market_7_2025.html), standard premiums of new policies are calculated as the sum of annualised premiums and 10% of single premiums for direct individual new business.

2. Based on the “Quarterly Release of Provisional Statistics for Long Term Business” published by the Insurance Authority from 2013 to Q1 2025, the market rankings are calculated using standard premiums of new policies for RMB insurance business.

3. According to the Insurance Authority’s provisional statistics for the first quarter of 2025, standard premiums of new policies for new individual life insurance business classified under the “Direct Sales” channel are calculated as the sum of annualised premiums and 10% of single premiums.

4. Based on (i) the number of tied agents recorded in the “HK Life Insurance Intermediary Monitor” published by the market research company “Pi Financial Services Intelligence” (as of 31 March 2025), and (ii) the direct individual new business (single premiums and annualised premiums) from the "Quarterly Release of Provisional Statistics for Long Term Business" issued by the Insurance Authority in the first quarter of 2025, whereas these figures are compared against BOC Life’s relevant internal data for the same period to derive a general statistical estimation. Per capita productivity is defined as the per capita standard premiums of new policies, calculated by dividing the total standard premiums of new policies by the number of tied agents, using Q1 2025 as the reference.

5. According to the Insurance Authority’s provisional statistics for the first quarter of 2025, standard premiums of new policies for individual life insurance policies sold though the “Broker” Channel are calculated as the sum of annualised premiums and 10% of single premiums.

6. Source: https://members.mdrt.org/zh-cht/about-MDRT/for-companies/top-100-companies-global/ (as at 21 July 2025)

7. The growth rate of MDRT membership is calculated based on the comparison between the number of MDRT members in 2024 (reflecting 2023 performance) and 2025 (reflecting 2024 performance). Rankings of MDRT membership growth are derived from publicly available data of Hong Kong-based companies listed among the MDRT Global Top 100 in 2025, as well as internal data from BOC Life. Source: https://www.mdrt.org/about-MDRT/for-companies/ (As at 21 July 2025).