Canara HSBC Life Insurance is a

Life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

company in India. Established in 2008, Canara HSBC Life Insurance was a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...

between

Canara Bank Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York. Hist ...

(51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) and

Punjab National Bank Punjab National Bank (abbreviated as PNB) is an Indian public sector bank headquartered in Delhi. The bank was founded in May 1894 and is the second largest government-owned bank in India, both in terms of its business volumes and its network ...

(23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank. Headquartered in Gurugram, the company has branch offices PAN India. The company sells and services its customers through partner bank branches. The company offers various products across individual and group space consisting of 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 Premium may refer to: Marketing * Premium (marketing), a promotional item that can be received for a small fee when redeeming proofs of purchase that come with or on retail products * Premium segment, high-price brands or services in marketing, ...

online. It has also partnered with 3 rural regional banks, Pragathi Gramin Bank in

Karnataka Karnataka (; ISO: , , also known as Karunāḍu) is a state in the southwestern region of India. It was formed on 1 November 1956, with the passage of the States Reorganisation Act. Originally known as Mysore State , it was renamed ''Karnat ...

and Shreyas Gramin Bank in

Uttar Pradesh Uttar Pradesh (; , 'Northern Province') is a state in northern India. With over 200 million inhabitants, it is the most populated state in India as well as the most populous country subdivision in the world. It was established in 1950 ...

in 2009 and

South Malabar Gramin Bank South Malabar Gramin Bank () Malappuram Kottakunnu (now Kerala Gramin Bank) was a Regional Rural Bank in India, and had its headquarters at Malappuram in Kerala. Its area of operation was limited to 8 districts in Kerala, India. It had been finan ...

in 2010. The company was partnered with

Dhanlaxmi Bank Dhanlaxmi Bank Ltd is an Indian private sector bank headquartered in Thrissur, Kerala. The bank has 245 branches and 258 ATMs/CDMs spread over the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Maharashtra, Gujarat, Delhi, ...

in June 2017. It is also tied up with Can Fin Homes and IndianMoneyInsurance.com. In April 2020,

Oriental Bank of Commerce Oriental Bank of Commerce (OBC) was an Indian public sector bank headquartered at Gurgaon, Haryana. It had 2390 branches and 2625 ATMs across India. In April 2020, the bank along with United Bank of India has been merged with Punjab National B ...

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 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 A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many j ...

ended in March 2020, And for the financial year ended in March 2019. It registered

Gross Written Premium In the insurance industry, gross premiums written is the sum of both direct premiums written (see next paragraph) and assumed premiums written, before deducting ceded reinsurance. Direct premiums written represents the premiums on all policies the ...

(GWP) at , a growth of 26% compared to fiscal 2017–18. The company registered with a rise of 51% in its net profit at in fiscal 2017–18. In January 2021, according to the Insurance Regulatory and Development Authority of India (IRDAI), the company registered a profit of 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 in the new business premium with 56% more as compared to the last year in February 2020. The company's Assets under management rose to , and the solvency margin stood at 394% as of 31 March 2019. The paid-up capital of Canara HSBC Life Insurance was . In 2022, the company registered a profit of 32% on new business weighted premium income of compared to its last financial year with . And Gross Written Premium (GWP) with a growth of 15% reaching compared to its last financial year with .

Key people

* L. V. Prabhakar as Chairman * Anuj Mathur as Managing Director & CEO *Tarun Rustagi as Chief Finance Officer * Kiran Yadav as Chief People Officer *Tarannum Hasib as Chief Distribution Officer *Rishi Mathur as Chief Digital & Strategy Officer *Deven Sangoi as Chief Investment Officer (CIO) *Sachin Dutta as Chief Operating Officer (COO) *Vikas Gupta as Chief Compliance Officer *Akshay Dhand as Appointed Actuary

Products

* Guaranteed Income4Life is a non-linked, non-par individual life insurance savings-cum-protection plan

Advertising and marketing campaigns

On 1 March 2021, the firm released a series of short films as digital campaign, depicting different life stages and their respective life insurance goals. It is a brand awareness campaign of a product "iSelect Star Term Plan" with a theme of "''Raho Life Ke Har Twist Ke Liye Tayyar''".

References