BOC Life Continues to Lead the Market in 1H 2022
31 August 2022
BOC Group Life Assurance Company Limited (“BOC Life”) announced its results for the first half of 2022. As of 30 June 2022, the standard premiums of new policies reached HK$6.604 billion, up 5.1% year-on-year. The company ranks No. 1 in Hong Kong’s life insurance market based on standard premiums of new policies, with market share increased year-on-year from 14.7% to 21.2%.
Mr. Wilson Tang, Chief Executive of BOC Life said, “Looking forward, we will continue to optimise our business structure, speed up the digital transformation and strengthen our multi-channel strategy. We will also expand our cross-industry partnership in building an ecosystem focusing on healthy retirement, wellness, ESG and education, while allocating more resources to develop green finance, as well as introducing more certified green insurance product series by independent professional bodies. We will also get prepared to seize the business opportunities in the Greater Bay Area upon economic recovery.”
According to the provisional insurance industry statistics for 1H 2022* just released by the Insurance Authority, premiums for new long-term business (excluding retirement scheme) amounted to HK$81.9 billion during the period, an increase of 1.7% year-on-year. In making its foray into new market areas, BOC Life will develop more certified green insurance products, following its launch of Hong Kong’s first green insurance plan certified by an independent third party. The company will actively promote green investment and green finance, adding fresh impetus to the Group’s sustainable development.
*Remarks: Provisional Statistics for Long Term Business in 1H 2022 by the Insurance Authority: https://ia.org.hk/en/infocenter/statistics/files/2q22long.pdf