HKMCA Partners with BOC Life to Expand Annuity Plan Reach

HKMC Annuity Limited (HKMCA), a subsidiary of The Hong Kong Mortgage Corporation Limited (HKMC), announced a new partnership with BOC Group Life Assurance Company Limited (BOC Life) on August 7, 2026. This collaboration authorizes licensed insurance intermediaries of BOC Life to introduce the HKMC Annuity Plan to their customers and refer eligible individuals to HKMCA. The goal: expand public access to retirement income solutions.

“The HKMCA is committed to developing the local annuity market,” said Mr. Daniel Leong, Executive Director and CEO of HKMCA. “This collaboration with BOC Life enables a greater number of intermediaries to help the public better understand the critical role the HKMC Annuity Plan plays in retirement planning.” He added that the initiative aligns with HKMCA’s mission to support long-term, sustainable retirement goals in Hong Kong.

The HKMC Annuity Plan, launched in 2018, is a government-backed life annuity scheme designed to convert a lump-sum premium into guaranteed monthly income for retirees. The program complements Hong Kong’s Mandatory Provident Fund (MPF) and private insurance offerings, strengthening retirement income security. HKMC Annuity Limited operates as part of HKMC Group, which is owned by the Hong Kong SAR Government through the Exchange Fund.

This new referral partnership with BOC Life represents a strategy to deepen market penetration. By leveraging BOC Life’s network of insurance intermediaries, HKMCA aims to reach a broader audience, particularly retirees looking for stable, long-term income streams. According to HKMC’s 2024 Exchange Fund disclosures, HKMCA is capitalized at HK$12.5 billion, underscoring its role as a public financial institution rather than a commercially-oriented entity.

The partnership comes amid growing recognition of annuities as a necessary tool for retirement planning. With Hong Kong’s aging population and longer life expectancies, the demand for predictable retirement income is rising. By collaborating with a major player like BOC Life, HKMCA strengthens its ability to address these demographic shifts while reinforcing its mandate to enhance financial stability in Hong Kong.

For more information or to verify the identity of authorized insurance intermediaries, individuals can contact HKMCA’s customer service hotline at (852) 2512 5000.

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