BOC Life Reports Solid Growth for the First-Quarter 2026 　Technology-Driven Innovation Reinforces Diversified Distribution Capabilities to Accelerate Retirement Finance Strategy

BOC Group Life Assurance Company Limited (“BOC Life” or “the Company”) today announced its business performance with solid growth for the first quarter of 2026 across its overall businesses, driven by its diversified distribution capabilities, technology driven innovation and the sustainable advancement of its retirement finance strategy. As of 31 March 2026, standard new business premiums amounted to HK$11.089 billion, representing a 26% year-on-year increase compared with the same period last year. According to the latest provisional statistics on long-term insurance business in Hong Kong for the first quarter of 2026 published by the Insurance Authority, BOC Life delivered outstanding performance across multiple business metrics, sustaining its leading position in Hong Kong’s life insurance market, covering below arenas¹:

• The Renminbi insurance business has remained the market leader for more than a decade, with a market share of nearly 50%²;
• The direct sales channel ranked No.1 in the market, with standard new business premiums surging by more than two-fold year-on-year³;
• The tied agency channel continued to rank No.1 in the market in per capita productivity⁴. The number of Million Dollar Round Table (MDRT) qualifiers recorded the fastest growth in Hong Kong^{5, 6}, and advanced into the global Top 100⁶ for consecutive years;
• The bancassurance and brokerage channels ranked among the top leaders in the market^{7, 8}.

Mr. Wilson Tang, Chief Executive of BOC Life, said, “Admist a backdrop of an evolving market environment and growing diverse customer needs, BOC Life upholds its customer centric philosophy and achieved solid growth in the first quarter of 2026 leveraging its diversified distribution network, strong synergies of the ‘Bank + Insurance’ model with Bank of China (Hong Kong), and its robust product innovation capabilities. Looking ahead, we will continue to put customers at the heart of everything we do by accelerating digital transformation and the adoption of artificial intelligence, while further strengthening our health and retirement ecosystem to enhance the customer experience. We are committed to becoming a trusted life partner for our customers at every stage of life.”

BOC Life has capitalised the synergies of its multi-channel approach to further strengthen its competitive edge in the market. Leveraging the strong alignment with Bank of China (Hong Kong), the Company continues to drive growth across its bancassurance, digital, tied agency and brokerage channels. Its Renminbi insurance business has maintained its market leadership² for years, while the direct sales channel continues to deliver strong growth³. Meanwhile, both the tied agency and broker channels further enhanced their professional capabilities and market competitiveness, underscoring the effectiveness of the Company’s diversified distribution strategy.

On the digital transformation front, BOC Life accelerates the application of technology to enhance customer experience and operational efficiency. This year, the Company launched its new BOC Life mobile application, which seamlessly integrates with Bank of China (Hong Kong)’s mobile banking platform, providing customers with a convenient and secure one-stop digital insurance experience through biometric verification or single sign-on through the BOCHK mobile banking app. In addition, BOC Life is also one of the Core Participants in the Insurance Authority’s AI Cohort Programme and has initiated plans to establish a dedicated AI Centre of Excellence (CoE) to promote the responsible adoption of artificial intelligence, optimising customer experience, improving operational productivity and strengthening risk management capabilities.

As population ageing accelerates and demand for cross border retirement solutions continues to grow, retirement finance has become an important growth driver for the insurance industry. In alignment with the national retirement finance initiatives and the development of Guangdong - Hong Kong - Macau Greater Bay Area, BOC Life continues to strengthen its retirement proposition by expanding its legacy planning solutions and reinforcing its three core service pillars, covering “retirecation”, “institutional”, and “home-based” retirement. Earlier this year, together with Bank of China (Hong Kong) and strategic partners, BOC Life launched the “Redefine Retirement. Refine Life” integrated retirement financial solutions together with the “Peaceful Greater Bay Area, Healthy Senior Living: Immersive Wellness Experience Programme”. These initiatives provide customers with a one-stop solution that integrates broadened cross-border and personalised retirement offerings, supporting inter-generational wealth succession and enabling customers to achieve a fulfilling retirement lifestyle.

Mr. Tang added, “Moving forward, BOC Life will continue to seize the opportunities arising from the silver economy, Greater Bay Area integration and technological innovation. We will further deepen our ’Bank + Insurance’ model, expand our ‘Insurance +’ proposition and strengthen cross-sector collaboration to enhance product competitiveness, service quality and customer experience. Building on Bank of China’s ‘BOC Silver Age’ retirement finance brand, we will continue to strengthen our comprehensive protection and service ecosystem throughout every stage of our customers’ lives, comprehensively addressing customers’ increasingly diverse needs in protection, health, retirement and wealth succession, and partnering with them to build a better future.” 

^Remarks:

^{1.    Based on the “Quarterly Release of Provisional Statistics for Long Term Business” published by the Insurance Authority (IA) in Q1 2026 (statistics for Q1 2026 are referred to as the “IA’s Q1 2026 Statistics”): https://www.ia.org.hk/en/infocenter/statistics/files/1q26_long.xlsx
2.    Based on the standard new business premiums for direct individual new business issued in RMB in the “Quarterly Release of Provisional Statistics for Long Term Business” published by the IA from 2013 to Q1 2026. The standard new business premiums are defined as the sum of the annualised premiums and 10% of single premiums of new business.
3.    Based on the standard new business premiums for direct individual long term new business sold through the “Direct sales” channel in the IA’s Q1 2026 Statistics. The standard new business premiums are defined as the sum of the annualised premiums and 10 % of single premiums of new business.
4.    Based on (i) the number of tied agents recorded in the “HK Life Insurance Intermediary Monitor” published by the market research company “Pi Financial Services Intelligence”(as of 31 March 2026), and (ii) the standard new business premiums for direct individual long term new business sold through the “Agents” channel as stated in the IA’s Q1 2026 Statistics, these figures are compared against BOC Life’s relevant internal data for the same period to derive a general statistical estimation. Per capita productivity is defined as the per capita standard new business premiums, calculated by dividing the total standard new business premiums by the number of tied agents, using the data of Q1 2026 as the reference. The standard new business premiums are defined as the sum of the annualised premiums and 10% of single premiums of new business.
5.    The year-on-year growth rate of MDRT members is calculated based on BOC Life’s internal data, comparing the number of MDRT members in 2026 (based on 2025 performance) with that in 2025 (based on 2024 performance). The growth rate ranking is based on Hong Kong-based companies listed among the global top 100 in terms of 2026 MDRT membership, historical public data and BOC Life’s internal records.
6.    Source: https://members.mdrt.org/about-MDRT/for-companies
7.    Based on the standard new business premiums for direct individual new business sold through the “Bancassurance” channels, as stated in the IA’s Q1 2026 Statistics. The standard new business premiums are defined as the sum of the annualised premiums and 10 % of single premiums of new business.}

^{8.   Based on the standard new business premiums for direct individual new business sold through the “Brokers” channels, as stated in the IA’s Q1 2026 Statistics. The standard new business premiums are defined as the sum of the annualised premiums and 10 % of single premiums of new business.}