Bank of China operates insurance business through its wholly-owned subsidiary Bank of China Group Insurance Co., Ltd. (hereinafter referred to as "Bank of China Group Insurance"). BOC Group Insurance is mainly engaged in general insurance business, and operates life insurance business through BOC Group Life Insurance Co., Ltd. (hereinafter referred to as "BOC Group Life Insurance") jointly held with BOC Hong Kong Holdings.
As of 20 12, BOC Group Insurance has six branches in Hong Kong, which is in a dominant position in the property insurance market in Hong Kong. In 2007, Standard & Poor's gave BOC Group an "A-" credit rating, which affirmed the sound financial strength of BOC Group's insurance.
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Hong kong general insurance
In 2007, faced with the fierce price war in the insurance market in Hong Kong, on the one hand, BOC Group Insurance avoided participating in vicious competition, on the other hand, it enhanced the depth and breadth of products, expanded its marketing network and strengthened its competitive strength by developing and improving its products. Developed and improved products including Kanger Hospitalization Insurance Plan, Aviation Insurance and Core Comprehensive Insurance.
On the premise of not affecting the overall business, we adjusted the insurance structure, vigorously expanded low-risk business and narrowed the underwriting conditions of high-risk business. By optimizing the business combination, we will expand low-risk businesses such as medical insurance and effectively reduce the proportion of auto insurance and ship insurance.
Hong kong life insurance
BOC Hong Kong Holdings and BOC Group Insurance hold 565,438+0% and 49% shares of BOC Group Life respectively. BOC Group Life Insurance operates individual and group life insurance business in Hong Kong and has a representative office in Beijing.
In 2007, BOC Group Life Insurance and BOC Hong Kong continued to strengthen cooperation, gradually showing synergistic benefits. According to the needs of BOC Hong Kong customers, BOC Group Life has launched a number of new insurance products by using BOC Hong Kong's sales and market network, actively promoted premium payment and investment-linked insurance products, and continuously optimized the product structure.
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