Canara HSBC Life Insurance

Canara HSBC Life Insurance is a Life insurance company in India.[4] Established in 2008, Canara HSBC Life Insurance [5] was a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%).[6] On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank.[5][7]

Canara HSBC Life Insurance
TypePublic sector undertaken
IndustryLife insurance
Founded2008 (2008)
Headquarters
Gurgaon, Haryana
,
India
Area served
Worldwide
Key people
  • L.V. Prabhakar (Chairman)[1]
  • Anuj Mathur (MD & CEO)[2][3]
Products
Owner
Websitewww.canarahsbclife.com/index.html

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.[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$10 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$21 million) for the financial year ended in March 2019. It registered Gross Written Premium (GWP) at ₹3,491 crore (US$437 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$21 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 (equivalent to ₹183 crore or US$23 million in 2023) 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 (equivalent to ₹210 crore or US$26 million in 2023) in the new business premium with 56% more as compared to the last year in February 2020.[24]

The company's Assets under management rose to ₹14,854 crore (US$2 billion), and the solvency margin stood at 394% as of 31 March 2019. The paid-up capital of Canara HSBC Life Insurance was ₹950 crore (US$119 million).[20][25]

In 2022, the company registered a profit of 32% on new business weighted premium income of ₹1,375 crore (equivalent to ₹15 billion or US$180 million in 2023) compared to its last financial year with ₹1,045 crore (equivalent to ₹11 billion or US$140 million in 2023). And Gross Written Premium (GWP) with a growth of 15% reaching ₹5,890 crore (equivalent to ₹62 billion or US$780 million in 2023) compared to its last financial year with ₹5,116 crore (equivalent to ₹54 billion or US$680 million in 2023).[26]

Key people
  • L. V. Prabhakar as Chairman
  • Anuj Mathur as Managing Director & CEO[27]
  • Tarun Rustagi as Chief Finance Officer[28]
  • Kiran Yadav as Chief People Officer[6]
  • Tarannum Hasib as Chief Distribution Officer[29]
  • Rishi Mathur as Chief Digital & Strategy Officer[30]
  • Deven Sangoi as Chief Investment Officer (CIO)[31]
  • Sachin Dutta as Chief Operating Officer (COO)[32]
  • Vikas Gupta as Chief Compliance Officer[33]
  • Akshay Dhand as Appointed Actuary[34]

Products
  • Guaranteed Income4Life is a non-linked, non-par individual life insurance savings-cum-protection plan[35]

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".[36][37]

See also

References
  1. Srivats, KR (16 May 2019). "Canara HSBC OBC Life 'aiming to make it to top-five league': Chairman". The Hindu Business Line.
  2. "Canara HSBC OBC Life Insurance appoints Anuj Mathur as CEO". The Economic Times. 10 June 2015.
  3. Dash, Sanchita (21 February 2018). "These are the Next Big Things in Insurtech Believes this Insurance Top Honcho". Entrepreneur.
  4. "Canara Bank, life insurance arm launch 'Webassurance'". Business Today. 27 April 2019.
  5. Shetty, Mayur (16 June 2022). "Canara HSBC Life rebrands due to PNB exit". The Times of India. Retrieved 17 June 2022.
  6. Kalra, Aditi Sharma. "Canara HSBC OBC Life Insurance rolls out group COVID care policy for its employees". www.humanresourcesonline.net. Retrieved 8 September 2021.
  7. "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. "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. "Canara HSBC OBC Life Insurance posts Rs 165 cr profit in FY19". The Free Press Journal. 16 March 2019.
  26. 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.
  27. "Budget 2021 expectations for health, life insurance: Increase Section 80C, 80D limits, experts suggest". The Financial Express. 5 January 2021. Retrieved 8 September 2021.
  28. "Tarun Rustagi, CFO, Canara HSBC Oriental Bank Of Commerce Life Insurance - The CFO Wall". etcfo.com. Retrieved 8 September 2021.
  29. Hasib, Tarannum (19 April 2021). "How To Read A Life Insurance Policy Document". Forbes Advisor India. Retrieved 8 September 2021.
  30. "Canara HSBC OBC Life Insurance Launches Digital Campaign "Raho Life Ke Har Twist Ke Liye Tayyar" | The News Strike". March 2021. Retrieved 10 September 2021.
  31. "Four Sectors From Midcap Space That Deven Sangoi Of Canara HSBC OBC Life Is Bullish On". Moneycontrol. Retrieved 10 September 2021.
  32. Sarang, Bindisha. "Missing nominations can pose a challenge to heirs". Rediff. Retrieved 10 September 2021.
  33. "21 Top Life, Health and Motor Insurance Policy Changes Every Policyholder Should Know in 2021". The Financial Express. 28 June 2021. Retrieved 10 September 2021.
  34. Dubey, Navneet (3 March 2021). "Digitalization helped maintain persistency levels of insurance policies". mint. Retrieved 10 September 2021.
  35. Srivats, K. R. (15 March 2021). "Post Covid insurance landscape: When life insurers pivot to guaranteed income products". @businessline. Retrieved 10 September 2021.
  36. "Canara HSBC OBC Life Insurance launches digital campaign "Raho Life Ke Har Twist Ke Liye Tayyar" » PuneDiary.Com". PuneDiary.Com. 2 March 2021. Retrieved 10 September 2021.
  37. "Canara HSBC OBC Life Insurance's quirky campaign highlights an important message - ET BrandEquity". ETBrandEquity.com. Retrieved 10 September 2021.
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