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Canara HSBC Life Insurance
Indian insurance company From Wikipedia, the free encyclopedia
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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]
 | This article contains promotional content. (December 2023) |
The company's offerings include products in life, health, online term plans, credit life and employee benefit segments.[8][9]
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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$9.8 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]
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Financials
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Perspective
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$413 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 31 March 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 31 March 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]
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See also
References
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