Canara HSBC Life Insurance
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 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]

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 (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]

Key people

  • Anuj Mathur as Managing Director & CEO[30]
  • Tarun Rustagi as Chief Finance Officer[31]
  • Kiran Yadav as Chief People Officer[6]
  • Rishi Mathur as Chief Digital & Strategy Officer[32]
  • Sachin Dutta as Chief Operating Officer (COO)[33]
  • Jyoti Vaswani as Chief Investment Officer (CIO)[3]
  • Vikas Gupta as Chief Compliance Officer[34]
  • Akshay Dhand as Appointed Actuary[35]

Products

Guaranteed Income4Life is an individual life insurance savings-cum-protection plan provided by Canara HSBC Life Insurance.[36] In September 2022, the company launched iSelect Guaranteed Future, a savings-oriented life insurance policy launched digitally.[37] Later, in December, the Guaranteed Fortune Plan was unveiled as an individual savings life insurance plan.[38] In 2023, the company announced the launch of Wealth Edge, a ULIP plan with features like Systematic Withdrawal (SWO) and Milestone Withdrawal (MWO).[39][40] In April of the same year, the company launched the Smart Guaranteed Pension, a pension plan developed for flexibility in premium payments.[41]

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".[42][43]

In September 2022, the company launched the third season of 'Depend on Insurance', a digital series featuring Neena Gupta. The series consists of five episodes centered around the theme of 'Life Lessons from Parenting'.[44]

In March 2023, the company announced the launch of 'Me For My City Season 5', a two-month-long campaign focused on preserving the folk music of the country. The campaign features music composer and singer Shankar Mahadevan.[45] As part of the campaign, the company has created 13 NFTs (Non-Fungible Tokens), with 12 NFTs being awarded to the 12 participants who made it to the finale of Me For My City season five.[46][47] The season included performances by Mahadevan, Akriti Kakar, Bhoomi Trivedi, Lakhwinder Wadali, and Hamsika Iyer.[48]

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. 1 2 "Canara HSBC OBC Life Insurance appoints Jyoti Vaswani as new CIO". mint. 9 April 2022. Retrieved 27 November 2023.
  4. ↑ "Canara Bank, life insurance arm launch 'Webassurance'". Business Today. 27 April 2019.
  5. 1 2 Shetty, Mayur (16 June 2022). "Canara HSBC Life rebrands due to PNB exit". The Times of India. Retrieved 17 June 2022.
  6. 1 2 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. 1 2 "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. 1 2 "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. 1 2 "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.
  30. ↑ "Budget 2021 expectations for health, life insurance: Increase Section 80C, 80D limits, experts suggest". The Financial Express. 5 January 2021. Retrieved 8 September 2021.
  31. ↑ "Tarun Rustagi, CFO, Canara HSBC Oriental Bank Of Commerce Life Insurance - The CFO Wall". etcfo.com. Retrieved 8 September 2021.
  32. ↑ "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.
  33. ↑ Sarang, Bindisha. "Missing nominations can pose a challenge to heirs". Rediff. Retrieved 10 September 2021.
  34. ↑ "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.
  35. ↑ Dubey, Navneet (3 March 2021). "Digitalization helped maintain persistency levels of insurance policies". mint. Retrieved 10 September 2021.
  36. ↑ Srivats, K. R. (15 March 2021). "Post Covid insurance landscape: When life insurers pivot to guaranteed income products". @businessline. Retrieved 10 September 2021.
  37. ↑ "Canara HSBC Launches Savings-Oriented Life Plan On Digital Platform For New-Age Buyers". Outlook India.
  38. ↑ "Canara HSBC Life Insurance launches Guaranteed Fortune Plan". mint. 14 December 2022. Retrieved 28 November 2023.
  39. ↑ "Canara HSBC Life Insurance Launches Wealth Edge Ulip". outlookindia. Retrieved 28 November 2023.
  40. ↑ "Wealth Edge ULIP by Canara HSBC Life to help you save more. Check features, benefits". Financialexpress. 25 January 2023. Retrieved 28 November 2023.
  41. ↑ "Canara HSBC Life Insurance launches 'Smart Guaranteed Pension' with premium paying flexibility". cnbctv18.com. 19 April 2023. Retrieved 28 November 2023.
  42. ↑ "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.
  43. ↑ "Canara HSBC OBC Life Insurance's quirky campaign highlights an important message - ET BrandEquity". ETBrandEquity.com. Retrieved 10 September 2021.
  44. ↑ "Canara HSBC Life Insurance unveils new campaign with Neena Gupta - Exchange4media". exchange4media. Retrieved 28 November 2023.
  45. ↑ "Canara HSBC Life Insurance launches Me For My City Season 5". www.adgully.com. 23 December 2022. Retrieved 28 November 2023.
  46. ↑ "Canara HSBC Life Insurance launches NFTs with Me For My City campaign". www.adgully.com. 24 March 2023. Retrieved 28 November 2023.
  47. ↑ "Canara HSBC Life Insurance unveils NFTs in collaboration with Me For My City initiative". Financialexpress. 23 March 2023. Retrieved 28 November 2023.
  48. ↑ "Shankar Mahadevan supports "Me For My City" initiative by CanH Life Insurance". www.adgully.com. 22 February 2023. Retrieved 28 November 2023.
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