HONG KONG – BOC Group Life Assurance Company Ltd (BOC Life) has reported solid first-quarter performance, with standard new business premiums reaching HK$11.089 billion, a 26 percent year-on-year increase.
The insurer, majority-owned by BOC Hong Kong (Holdings) Ltd (BOCHK) and Bank of China Group Insurance Company Ltd, also maintained a leading position across multiple Hong Kong life insurance metrics, as per provisional data from the Insurance Authority (IA).
The company sustained its decade-long dominance in renminbi insurance, holding nearly 50 percent market share. Its direct sales channel ranked first in Hong Kong, with standard new business premiums more than doubling year-on-year. The tied agency channel led the market in per-capita productivity, while BOC Life recorded the fastest growth in Million Dollar Round Table (MDRT) qualifiers across Hong Kong and has featured in the global MDRT Top 100 for consecutive years. Its bancassurance channel was also among the market’s top tier.
Wilson Tang, chief executive of BOC Life, attributed the growth to the company’s diversified distribution network, strong synergies from its “Bank+ Insurance” partnership with BOCHK, and robust product innovation.
“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,” Tang said.
BOC Life is stepping up digitalization to improve efficiency and the user experience. It recently launched a new mobile app fully integrated with BOCHK’s mobile banking platform, enabling seamless access via biometric verification or single sign-on.
The insurer is also a core participant in the IA’s AI Cohort Programme and plans to establish a dedicated AI Centre of Excellence to promote responsible AI use, optimize customer service, enhance operational productivity, and strengthen risk management.
Retirement finance remains a core strategic pillar amid accelerating population ageing and rising demand for cross-border retirement solutions.
Retirement finance
Aligned with national retirement initiatives and Greater Bay Area (GBA) development, BOC Life has built out three core service pillars: “RetireCation,” institutional care, and home-based retirement.
Earlier this year, it rolled out the “Redefine Retirement. Refine Life” integrated retirement financial solutions together with the “Peaceful Greater Bay Area, Healthy Senior Living: Immersive Wellness Experience Programme” with BOCHK and strategic partners, offering one-stop, cross-border, personalized retirement planning and intergenerational wealth succession support.
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Tang said BOC Life will tap opportunities from the silver economy, GBA integration, and technological innovation, deepen its “Bank+ Insurance” model, and expand its “Insurance+” proposition.
“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,” Tang added.
