BOC Life Records Strong Performance in Q1 2021 With nearly 20% up in New Business YoY Ranked Second in the Market

BOC Group Life Assurance Company Limited (‘BOC Life’) has announced strong results for the first quarter of 2021. Standard premiums of new policies reached HK$3.968 billion, an 18.2% year-on-year growth (or 69% sequential growth). The company saw an increase in market share to 17.12% from 14.39% of the corresponding period last year, rising to the second position in Hong Kong’s life insurance market (from the third position in the previous year).

The company’s product offerings, including RMB-denominated policies, online life insurance and Qualifying Deferred Annuity Policy (QDAP), all command market-leading positions. Among all, standard premiums of new online life insurance policies totalled approximately HK$380 million in Q1. The number of new policies was close to 3,400, up 169% from the same period last year.

The Insurance Authority recently published the provisional statistics for 2021 Q1*, during which premiums for new long-term business in Hong Kong (excluding retirement scheme business) stood at HK$40.7 billion, marking a 16.1% increase year-on-year.

While the industry continues to be subdued under the pandemic, the economy is poised for recovery after the pandemic is brought under control amid gradually climbing vaccination rates. ‘As the pandemic lingers, customers are more inclined to file online insurance applications, helped by the company’s multi-year effort in digitisation and product diversification, as well as our online-to-offline omnichannel sales. BOC Life tailors products and services to customers of different age groups and life stages, covering their specific protection needs. Coupled with effective investment strategy and team effort, the company achieved satisfactory results even at times of adversity,’ said Wilson Tang, Chief Executive, BOC Life.

With the application of Insurtech and data analytics, BOC Life has launched a variety of insurance products catering to the needs of different customer segments, offering customers a smart experience and a choice of products that are personalised, brand-new and ever more convenient. In the future, the company will continue to focus on the local market while eyeing the opportunities in the Greater Bay Area. It will seek to strengthen collaboration with cross-industry partners, and at the same time leverage the BOC Group’s resources, in a bid to forge a new ecosystem for its insurance business. The ecosystem will serve as a new business arena to connect to relevant products and value-added services, bringing customers fresh new experience and services.

* Quarterly Release of Provisional Statistics for Long Term Business in 2021 by the Insurance Authority: https://www.ia.org.hk/en/infocenter/statistics/market_6_2021.html