| Canara HSBC Life Insurance | |
| Type: | Public sector undertaken |
| Industry: | Life insurance |
| Founded: | 2008 |
| Hq Location City: | Gurgaon, Haryana |
| Hq Location Country: | India |
| Area Served: | Worldwide |
Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram.[1] Established in 2008, Canara HSBC Life Insurance [2] was a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank.[2] [3]
The company's offerings include products in life, health, online term plans, credit life and employee benefit segments.[4] [5]
The company was set up in 2008. In February 2014, Canara HSBC Life Insurance [3] introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and allows to pay their premium online.[6]
It has also partnered with 3 rural regional banks, Pragathi Gramin Bank in Karnataka and Shreyas Gramin Bank in Uttar Pradesh in 2009 and South Malabar Gramin Bank in 2010.[7] The company was partnered with Dhanlaxmi Bank in June 2017.[8] It is also tied up with Can Fin Homes and[9] IndianMoneyInsurance.com.[10] In April 2020, Oriental Bank of Commerce had merged with Punjab National Bank.[11] [12] On 15 June 2022, the company rebranded as Canara HSBC Life Insurance.[13] On 25 July 2022, the company declared a customer bonus for the ninth time of to its eligible policyholders for the financial year 2021-2022 by participating in their products with an increase of 28% over its bonus amount.[14]
The company registered a profit of ₹105 crore (US$19 million) for the financial year ended in March 2020,[15] And for the financial year ended in March 2019. It registered Gross Written Premium (GWP) at, a growth of 26% compared to fiscal 2017–18.[16] The company registered with a rise of 51% in its net profit at in fiscal 2017–18.[17] [18]
In January 2021, according to the Insurance Regulatory and Development Authority of India (IRDAI), the company registered a profit of ₹163.51 crore (US$20 million) in the new business premium with 47.49% more as compared to the last year in January 2020.[19] In February 2021, the company registered a profit of ₹186.99 crore (US$23 million) in the new business premium with 56% more as compared to the last year in February 2020.[20]
The company's Indian Embedded Value rose to ₹3,828 crore (US$479 million), and the solvency margin stood at 282% as of 31 March 2022.[21] The paid-up capital of Canara HSBC Life Insurance was ₹950 crore (US$119 million).[22]
In 2022, the company registered a profit of 32% on new business weighted premium income of ₹1,375 crore (US$170 million) compared to its last financial year with ₹1,045 crore (US$130 million). And Gross Written Premium (GWP) with a growth of 15% reaching ₹5,890 crore (US$740 million) compared to its last financial year with ₹5,116 crore (US$640 million).[23]
In the fiscal year 2022-23, the company reported its 11th consecutive year of profit, achieving a pre-tax profit (PBT) of Rs 100 crore.[24] The gross written premium for the fiscal year increased by 22% to Rs 7,197 crore, and assets under management (AUM) grew by 15% to Rs 30,204 crore as of March 31, 2023. Shareholders were declared a final dividend of 3% of paid equity, and the Indian embedded value reached Rs 4,272 crore. The solvency margin stood at 252% as of March 31, 2023. Additionally, participating policyholders received a bonus of Rs 200 crore in FY23. The company has a customer base of over 69 lakh and has insured more than 57 lakh lives under PMJJBY.[25]