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BOC Life Announces Stable Growth for the First Half of 2021

01 September 2021

BOC Group Life Assurance Company Limited (‘BOC Life’) has recorded stable growth for the first half of 2021 (1H 2021). As of 30 June 2021, standard premiums of new policies reached HK$6.286 billion, representing a 16% year-on-year increase. The company saw an expansion in market share to 14.68% from 12.76% of the corresponding period last year for standard premiums of new policies, maintaining a top position in Hong Kong’s life insurance market.

During 1H 2021, the standard premiums of new online life insurance policies of BOC Life totalled HK$764 million with an increase of 28% from the same period last year. The number of new policies exceeded 6,500. Our RMB-denominated policies accounted for over 80% of market share in the first half of 2021. Standard premiums of new RMB-denominated policies of BOC Life were also up over 60% year-on-year in 1H 2021.

The Insurance Authority just published the provisional statistics for 1H 2021*, during which premiums for new long-term business in Hong Kong (excluding retirement scheme business) stood at HK$ 80.5 billion, marking a 22.9% surge year-on-year.

Wilson Tang, Chief Executive, BOC Life said. “Helped by the easing of the pandemic, improving vaccination rate and optimism for border reopening, BOC Life delivered a stable and robust performance in 1H 2021. We are cautiously optimistic about the potential business growth after the border reopens. BOC Life boasts a diversity of distribution channels such as bancassurance, tied agency and eChannel. We expect the growth momentum to carry on for the rest of the year. Under the current low interest rate environment, we shall focus on selling protection products. Towards the second half of the year, BOC Life will officially launch the second phase of ‘Healthcare Ecosystem’, with such valuable and unique digital brand experience, to encourage the public to live with healthier lifestyles including physical and mental wellness, and fulfil BOC Life’s sustainable development under ESG (Environment, Social and Governance).”

Promoting ESG has always been one of BOC Life’s strategic goals. Besides green investments and plans to launch our all-new thematic products, we are proactively stepping up our corporate social responsibility (CSR), especially via green initiatives and community participation. An ongoing CSR programme named ‘Brave the Storm Together, Guard Our Green Future’ has been launched in partnership with St. James’ Settlement to promote the concept of ‘recycle, reuse and reduce’. BOC Life also looks to contributing to the local ESG technology innovation ecosystem by working with different organisations to pioneer ESG-themed projects.

* Provisional Statistics for Long Term Business in 1H 2021 by the Insurance Authority: https://www.ia.org.hk/en/infocenter/statistics/files/2q2021long.pdf