Canara HSBC Life Insurance

Canara HSBC Life Insurance
Company typePublic sector undertaken
IndustryLife insurance
Founded2008
Headquarters
Gurgaon, Haryana
,
India
Area served
Worldwide
Key people
Products
Owner
Websitewww.canarahsbclife.com

Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram.[5] Established in 2008, Canara HSBC Life Insurance [6] 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.[6][7]

The company's offerings include products in life, health, online term plans, credit life and employee benefit segments.[8][9]

History and overview

The company was set up in 2008. In February 2014, Canara HSBC Life Insurance [7] introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and allows to pay their premium online.[10]

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.[11] The company was partnered with Dhanlaxmi Bank in June 2017.[12] It is also tied up with Can Fin Homes and[13] IndianMoneyInsurance.com.[14] In April 2020, Oriental Bank of Commerce had merged with Punjab National Bank.[15][16] On 15 June 2022, the company rebranded as Canara HSBC Life Insurance.[17] On 25 July 2022, the company declared a customer bonus for the ninth time of ₹78 crore (equivalent to ₹83 crore or US$9.9 million in 2023) to its eligible policyholders for the financial year 2021-2022 by participating in their products with an increase of 28% over its bonus amount.[18]

Financials

The company registered a profit of ₹105 crore (US$19 million) for the financial year ended in March 2020,[19] And ₹165 crore (US$20 million) for the financial year ended in March 2019. It registered Gross Written Premium (GWP) at ₹3,491 crore (US$418 million), a growth of 26% compared to fiscal 2017–18.[20] The company registered with a rise of 51% in its net profit at ₹168 crore (US$20 million) in fiscal 2017–18.[21][22]

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.[23] 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.[24]

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.[25] The paid-up capital of Canara HSBC Life Insurance was ₹950 crore (US$119 million).[20][26]

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).[27]

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.[28] 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.[28][29]

See also

References

  1. ^ "Canara HSBC OBC Life Insurance appoints Anuj Mathur as CEO". The Economic Times. 10 June 2015.
  2. ^ Dash, Sanchita (21 February 2018). "These are the Next Big Things in Insurtech Believes this Insurance Top Honcho". Entrepreneur.
  3. ^ "Tarun Rustagi, CFO, Canara HSBC Oriental Bank Of Commerce Life Insurance - The CFO Wall". etcfo.com. Retrieved 8 September 2021.
  4. ^ Sarang, Bindisha. "Missing nominations can pose a challenge to heirs". Rediff. Retrieved 10 September 2021.
  5. ^ "Canara Bank, life insurance arm launch 'Webassurance'". Business Today. 27 April 2019.
  6. ^ a b Shetty, Mayur (16 June 2022). "Canara HSBC Life rebrands due to PNB exit". The Times of India. Retrieved 17 June 2022.
  7. ^ a b "Canara HSBC OBC Life Insurance rebranded as Canara HSBC Life Insurance". mint. 15 June 2022. Retrieved 17 June 2022.
  8. ^ "Bank Merger: 6 things OBC, UBI customers should know about debit cards, cheque books to passbooks post merger with PNB". zeebiz.com. 13 April 2020.
  9. ^ "Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank". Punjab National Bank.
  10. ^ "HSBC Oriental Bank of Commerce Life Insurance Company launches online revival of policies". The Economic Times. 25 February 2014.
  11. ^ "Introduction". Canarahsbclife.com. Archived from the original on 19 August 2013. Retrieved 12 July 2020.
  12. ^ Kumar, Krishna (6 June 2017). "Canara HSBC Oriental Bank of Commerce Life Insurance ties up with Dhanlaxmi Bank". The Economic Times.
  13. ^ "Canara HSBC OBC Life Insurance partners Can Fin Homes to sell policies". Moneycontrol.com. 8 March 2018.
  14. ^ "Canara HSBC OBC Life Insurance partners with IndianMoneyInsurance.com to sell policies". The Free Press Journal. 17 October 2019.
  15. ^ "Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low". The Times of India. 30 August 2019. Retrieved 8 October 2021.
  16. ^ Staff Writer (30 August 2019). "10 public sector banks to be merged into four". mint. Retrieved 8 October 2021.
  17. ^ "Canara HSBC OBC Life Insurance renews commitment to its customers with Canara HSBC Life Insurance rebranding". Free Press Journal. Retrieved 17 June 2022.
  18. ^ Srivats, K. R. (25 July 2022). "Canara HSBC Life declares bonus for ninth consecutive year". www.thehindubusinessline.com. Retrieved 7 September 2022.
  19. ^ "Canara HSBC OBC Life Insurance posts a profit of Rs 105 crore for FY20". The Economic Times. Retrieved 29 July 2020.
  20. ^ a b "Canara HSBC OBC Life Insurance posts Rs 165 cr profit in FY19". Delhi, India: Business Standard. 15 May 2019.
  21. ^ "Canara HSBC OBC life Insurance net jumps 51 pc at Rs 168 cr in FY18". New Delhi: Daily Pioneer. 30 May 2018.
  22. ^ Palepu, Advait Rao (4 June 2018). "Canara HSBC Life Q4 net up 69% at Rs 1.28 bn on bancassurance drive". Business Standard.
  23. ^ "New premium of life insurance firms rises 3.7% to ₹21,390 cr in January". mint. 8 February 2021. Retrieved 10 September 2021.
  24. ^ Panda, Subrata (8 March 2021). "Life insurers' new business premium up 21% in February at Rs 22,425 crore". Business Standard India. Retrieved 10 September 2021.
  25. ^ Srivats, K. R. (19 June 2022). "Canara HSBC Life aims to double penetration among Canara Bank's customer base in 2 years". BusinessLine. Retrieved 27 November 2023.
  26. ^ "Canara HSBC OBC Life Insurance posts Rs 165 cr profit in FY19". The Free Press Journal. 16 March 2019.
  27. ^ Srivats, K. R. (19 June 2022). "Canara HSBC Life aims to double penetration among Canara Bank's customer base in 2 years". www.thehindubusinessline.com. Retrieved 7 September 2022.
  28. ^ a b "Canara HSBC Life Insurance reports 9-fold jump in profit at Rs 91 cr in FY23 - ET BFSI". ETBFSI.com. Retrieved 28 November 2023.
  29. ^ "Canara HSBC OBC Life Insurance renews commitment to its customers with Canara HSBC Life Insurance rebranding". Free Press Journal. Retrieved 28 November 2023.