Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd ? a joint venture among Canara Bank and Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Ltd ? has crossed the Rs 100 crore-mark in new business in March.
The company garnered Rs 171.1 crore during the month, closing fiscal 2009-10 with Rs 861.3 crore in gross written premiums, a growth of 189% over FY 2008-09. Canara HSBC Oriental Bank of Commerce Life Insurance Company?s business in terms of gross written premiums stood at Rs 1,160 crore since launch in June 2008. The company has underwritten 135,585 policies since inception.
Harpal Karlcut, chief executive officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company, said, ?It is indeed encouraging to see the company is on a strong growth trajectory in such a short span. Our achievement is the result of the commitment of our shareholders and employees in positioning the company as a strong private life insurance player in a tumultuous yet competitive 2009.?Operating on a pure bancassurance model, Canara HSBC Oriental Bank of Commerce Life Insurance Company has exclusive access to the customer bases of both the public sector banks, Canara Bank and Oriental Bank of Commerce, and of HSBC in India.