BOC Group Life set to maintain stable growth, says S&P

The insurer’s capital and earnings should remain “satisfactory” through 2027.

BOC Group Life Assurance (BOCGL) is likely to keep growing at a stable pace and stay financially strong for the next couple of years, supported by its close links with parent company Bank of China (Hong Kong) Ltd. (BOCHK), according to S&P Global Ratings.

S&P said the insurer’s capital and earnings should remain satisfactory through 2027, with its capital buffer staying slightly above the 99.5% confidence level under the agency’s risk-based capital model. 

About 63% of BOCGL’s insurance liabilities are participating policies, allowing it to share investment risk with policyholders and adjust non-guaranteed dividends to manage volatility.

S&P noted some capital pressure ahead due to higher exposure to riskier assets, which rose to 18% of the investment portfolio as of June 2025, from 15% a year earlier. 

The agency also lowered its liquidity assessment to “adequate” from “exceptional” as the insurer increases allocations to equities and private investments.