BOC Life reports outstanding 2020 Q3 performance and ranked No 3 again with online business on continual rise
30 November 2020
BOC Group Life Assurance Company Limited (‘BOC Life’) announced today its outstanding 2020 Q3 business performance amidst the economic downturn and the Covid-19 epidemic. The robustness of the new business has driven the company’s overall business growth in the first three quarters of the year.
The third quarter new business sales saw a V-shaped rebound, rising 70% versus the previous quarter. In terms of standard premiums of new business, the company saw an increase in market share from 11.60% to 14.27%, compared to the same period last year, maintaining the third position in Hong Kong’s life insurance market.
For the nine months ended 30 September 2020, standard premiums of new policies totalled HK$8.996 billion.
According to the 2020 Q3(1) statistics published today by the Insurance Authority, new office premiums (excluding Retirement Scheme business) of long-term business stood at HK$98.7 billion, marking a 29.4% decrease on a year-on-year basis.
Digital sales by BOC Life achieved an increase of over 30% compared to the same period last year and recorded triple growth versus the previous quarter. New online premiums of the third quarter rose to HK$440 million on a sales volume of over 4,200 policies. New online premiums reached almost 1.04 billion for the first three quarters this year. Under its digital marketing strategy, the company expedited product development for and improvement to online products, which foster strong business growth on direct sales channels. Its market share has soared to more than 60%, retaining the No 1 position. BOC Life also continued to achieve satisfactory results for its Renminbi insurance business, keeping the top market position.
Wilson Tang, Chief Executive, BOC Life, said the solid performance achieved in such an extremely challenging market environment is very encouraging. He attributed the business growth to customers’ trust in the brand, the multi-channel strategy and its digital innovation. On top of developing the local insurance market, the company is also committed to forging cross-industry partnerships to capture opportunities arising from new businesses in the Greater Bay Area. By leveraging the Group’s resources, BOC Life is well-positioned to launch innovative insurance services, including the recently launched health ecosystem, which offers customers self-health management experience as well as healthcare coverage. This “prevention is better than cure” platform will help promote a health-conscious lifestyle conducive to health and longevity.
The company will fully utilise insurtech and pool more resources into growing its digital channels further, providing value-added services aside from products, and offering brand new experiences to meet customers’ growing needs for more diversified and personalised customer services.
(1): Quarterly Release of Provisional Statistics for Long Term Business by the Insurance Authority: https://www.ia.org.hk/en/infocenter/statistics/market_7_2020.html