BOC unit sets five-year goal
BOC Group Life Assurance, a new arm of the Bank of China Group, aims to be among the top 10 life insurers in Hong Kong within five years, chief executive Chris Yew Hung-tze said.
The firm plans to be involved in Mandatory Provident Fund (MPF) business and anticipates taking 30 per cent of the market when the scheme is launched.
The group was the only life insurer granted a licence by the Insurance Commissioner last year.
Mr Yew said the company has sold 3,000 life policies since opening in February.
It is applying for a licence to conduct pension business.
'The entry into the life insurance business is an important step for the BOC Group to diversify its business,' he said.
Mr Yew said the insurer had not set up a sales force but used the 12 member banks of the group, with more than 300 branches, to sell life policies.
'The BOC Group is a large retail banking group in Hong Kong, with a large client base,' he said.
'Our company will employ agents in future, as it is an effective way to sell life policies.' He said the insurer was well placed to conduct MPF business.
Its large number of branches, corporate clients and payroll accounts put it in a strong position to compete with rivals HSBC, Hang Seng Bank and Bank of East Asia.
