Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, reported a net profit of Rs 168 crore in 2017-18, registering growth of 51% over the previous year.
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, reported a net profit of Rs 168 crore in 2017-18, registering growth of 51% over the previous year. In order to gain market share further, the company plans to launch health product and low cost unit linked insurance plans (Ulips) in the months to come, said the company officials. Anuj Mathur, CEO of Canara HSBC Oriental Bank of Commerce Life Insurance, said: “The growth this year mainly comes from the non-metros as we penetrated further into the Tier-II and Tier-III markets.
This achievement demonstrates the strength of the bancassurance model in efficiently reaching both urban and rural customers,” he said added that, they are steadily moving towards achieving cumulative break-even of the company and aspire to follow the profitable growth trajectory in FY19.
The life insurer also saw individual new business premium grow by 34% from Rs 613 crore in FY16-17 to Rs 818 crore in FY17-18. While the company’s gross written premium has increased by 21 % from Rs 2,295 crore in FY16-17 to Rs 2,781 crore in FY17-18. While Assets under management (AUM) stood at Rs 12,690 crore as on March 31, 2018.
Canara HSBC Oriental Bank of Commerce Life Insurance had launched five products during FY 2017-18 to meet upcoming customer requirements, including the first PoS product targeted at the mass-market segment offering financial security at affordable and competitive premiums.
The ‘PoS (Point of Sale) – Easy Bima Plan’, a pure term insurance plan which not only gives life cover but also returns all premiums paid during the payment term on survival till maturity. The insurer also plans to use technology to automate customer prospecting, on-boarding, underwriting, servicing as well as claim settlement. The company’s 13th month persistency stands at 77.9%, while its overall claim settlement ratio is 97.18%.