Canara HSBC Life Insurance Company reported a 24% year-on-year rise in total premium income to ₹2,161 crore in the first quarter of FY27, driven by strong growth in both new business and renewal premiums.
The private life insurer, a joint venture between Canara Bank and HSBC Insurance (Asia Pacific) Holdings, reported a profit after tax of ₹28 crore from ₹23 crore in the corresponding quarter last year. New business premium (individual and group) grew 25% year-on-year to ₹1,044 crore, while renewal premium rose 22% to ₹1,117 crore.
Annualised Premium Equivalent (APE), a standard measure of new business, increased 19% to ₹585 crore. The Value of New Business (VNB) rose 29% to ₹124 crore.
“We delivered a healthy VNB of ₹124 crore… This improvement was supported by a favourable shift in product mix towards protection and traditional offerings,’ said Anuj Mathur, Managing Director and Chief Executive Officer of Canara HSBC Life Insurance.
Unit-linked insurance plans (ULIPs) accounted for 36% of the product mix during the quarter, followed by non-participating savings products (26%), annuity products (14%), pure protection plans (13%) and participating policies (10%).
Assets under management (AUM) rose 13.8% year-on-year to ₹49,683 crore. The insurer’s solvency ratio stood at 198% at the end of June 2026, compared with 200% a year earlier, remaining comfortably above the regulatory requirement of 175%.
