BOC Life Delivers Market-leading 2022 Q1 Results amid Pandemic Focusing on New Business Expansion, Digitalisation and ESG

BOC Group Life Assurance Company Limited (‘BOC Life’) delivered a stable performance in the first quarter of 2022 riding on new opportunities. As of 31 March 2022, BOC Life’s standard premiums of new policies reached HK$3.63 billion, with market share rising year-on-year from 17.12% to 21.33% based on standard premiums of new policies, topping Hong Kong’s life insurance market. The value of new business also recorded strong growth. The performance of RMB-denominated insurance products continued to lead the market in the first quarter of 2022 under difficult market environment amid the pandemic, with the standard premiums of such new policies standing at HK$795 million, commanding a market share of 77.15%.

Mr. Wilson Tang, Chief Executive of BOC Life, said, “The pandemic over the past two years has taken a significant toll on all sectors and industries. To tackle the situation, we made strategic adjustments to our business structure, in tandem with significant growth of our new business, getting the No. 1 position in the life insurance market in the first quarter of this year. In addition, the Covid-19 has propelled consumer demand for online insurance applications and protection products. To capture future growth opportunities upon border reopening in the future, we will continue to enhance our online channels while diversifying sales platforms.  Furthermore, we will enhance our tied-agent teams to provide dedicated services and innovative products.”

According to the provisional statistics for Q1 2022* just released by The Insurance Authority, premiums for new long-term business (excluding retirement scheme business) amounted to HK$42.4 billion, increased by 4.2% year on year. Amid a prolonged period of economic downturn and despite adverse market conditions, BOC Life was able to outperform its peers in the first quarter of the year.

Going forward, in adapting to the new normal brought about by the pandemic, BOC life will introduce more savings and protection products to meet customer needs. The company will also strengthen digitalisation, enrich its product portfolio to uplift business value. More resources and efforts will be allocated to develop green finance and ESG-themed corporate projects, and foster cross-industry collaboration to build a health and wellness ecosystem. We will continue to pioneer wellbeing and retirement businesses in the Greater Bay Area through partnerships, creating a sustainable future which will benefit the business, the environment and the society at large.

Remarks: Provisional Statistics for Long Term Business in Q1 2022 by the Insurance Authority: https://www.ia.org.hk/en/infocenter/statistics/market_7_2022.html