Canara HSBC Life Insurance

Last updated

Canara HSBC Life Insurance
Type Public sector undertaken
Industry Life insurance
Founded2008
Headquarters
Gurgaon, Haryana
,
India
Area served
Worldwide
Key people
Products
Owner
Website www.canarahsbclife.com

Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. [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]

Contents

The company's offerings include products in 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 croreorUS$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

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 NFT s (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

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References

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  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.
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  11. ↑ "Introduction". Canarahsbclife.com. Archived from the original on 19 August 2013. Retrieved 12 July 2020.
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  39. ↑ "Canara HSBC Life Insurance Launches Wealth Edge Ulip". outlookindia. Retrieved 28 November 2023.
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