# Canara HSBC Life Insurance

Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. Established in 2008, Canara HSBC Life Insurance 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.
The company's offerings include products in life, health, online term plans, credit life and employee benefit segments.

## History and overview

The company was set up in 2008. In February 2014, Canara HSBC Life Insurance introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and allows to pay their premium online.
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. The company was partnered with Dhanlaxmi Bank in June 2017. It is also tied up with Can Fin Homes and IndianMoneyInsurance.com. In April 2020, Oriental Bank of Commerce had merged with Punjab National Bank. On 15 June 2022, the company rebranded as Canara HSBC Life Insurance. On 25 July 2022, the company declared a customer bonus for the ninth time of ₹78 crore (equivalent to ₹83 crore or US$9.5 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.

## Financials

The company registered a profit of ₹105 crore (US$19 million) for the financial year ended in March 2020, And ₹165 crore (US$19 million) for the financial year ended in March 2019. It registered Gross Written Premium (GWP) at ₹3,491 crore (US$400 million), a growth of 26% compared to fiscal 2017–18. The company registered with a rise of 51% in its net profit at ₹168 crore (US$19 million) in fiscal 2017–18.
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. 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.
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. The paid-up capital of Canara HSBC Life Insurance was ₹950 crore (US$119 million).
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).
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. 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.