Canara HSBC Oriental Bank of Commerce Life Insurance

Canara HSBC Oriental Bank of Commerce Life Insurance is a Life insurance company in India.[4] The company was founded in 2008. It caters to 115 million bank customers, with over 11000 branches of bank partners in India.[5]

Canara HSBC Oriental Bank of Commerce Life Insurance
TypeJoint venture
IndustryLife insurance
Founded2007 (2007)
Headquarters
Gurgaon, Haryana
,
India
Area served
Worldwide
Key people
Anuj Mathur (MD & CEO)[1][2]
R. A. Sankara Narayanan (Chairman)[3]
ProductsLife insurance Health insurance
OwnerCanara HSBC obc life insurance company limited
WebsiteOfficial website

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture between Canara Bank, HSBC Insurance and Punjab National Bank . The Canara Bank owns 51 per cent stake in the company and Punjab National Bank owns 23 per cent, while HSBC Insurance (Asia Pacific) Holdings Limited is a foreign partner with 26 per cent stake in the company.[6][7]

History and overview

The company was set up in 2008. In February 2014, Canara HSBC OBC Life Insurance introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and allows to pay their premium online.[8]

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.[9] The company was partnered with Dhanlaxmi Bank in June 2017.[10] It is also tied up with Can Fin Homes and[11] IndianMoneyInsurance.com.[12]

Financials

The company registered a profit of ₹105 crore (US$19 million) for the financial year ended in March 2020,[13] And ₹165 crore (US$23 million) for the financial year ended in March 2019. It registered Gross Written Premium (GWP) at ₹3,491 crore (US$489 million), a growth of 26% compared to fiscal 2017–18.[14] The company was registered with a rise of 51% in its net profit at ₹168 crore (US$24 million) in fiscal 2017–18.[15][16]

The company's Assets under management rose to ₹14,854 crore (US$2 billion) and solvency margin stood at 394% as of March 31, 2019. The paid up capital of Canara HSBC OBC Life Insurance was ₹950 crore (US$133 million).[14][17]

See also

References
  1. "Canara HSBC OBC Life Insurance appoints Anuj Mathur as CEO". The Economic Times. June 10, 2015.
  2. Dash, Sanchita (February 21, 2018). "These are the Next Big Things in Insurtech Believes this Insurance Top Honcho". Entrepreneur.
  3. Srivats, KR (May 16, 2019). "Canara HSBC OBC Life 'aiming to make it to top-five league': Chairman". The Hindu Business Line.
  4. "Canara Bank, life insurance arm launch 'Webassurance'". Business Today. April 27, 2019.
  5. "Grameena Bank signs MoU for bancassurance". The Hindu. December 2, 2019.
  6. "Bank Merger: 6 things OBC, UBI customers should know about debit cards, cheque books to passbooks post merger with PNB". zeebiz.com. April 13, 2020.
  7. "Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank". "Punjab National Bank".
  8. "HSBC Oriental Bank of Commerce Life Insurance Company launches online revival of policies". The Economic Times. February 25, 2014.
  9. "Introduction". "Canarahsbclife". Archived from the original on 2013-08-19. Retrieved 2020-07-12.
  10. Kumar, Krishna (June 6, 2017). "Canara HSBC Oriental Bank of Commerce Life Insurance ties up with Dhanlaxmi Bank". The Economic Times.
  11. "Canara HSBC OBC Life Insurance partners Can Fin Homes to sell policies". Moneycontrol.com. March 8, 2018.
  12. "Canara HSBC OBC Life Insurance partners with IndianMoneyInsurance.com to sell policies". The Free Press Journal. October 17, 2019.
  13. "Canara HSBC OBC Life Insurance posts a profit of Rs 105 crore for FY20". The Economic Times. Retrieved 2020-07-29.
  14. "Canara HSBC OBC Life Insurance posts Rs 165 cr profit in FY19". Delhi, India: Business Standard. May 15, 2019.
  15. "Canara HSBC OBC life Insurance net jumps 51 pc at Rs 168 cr in FY18". New Delhi: Daily Pioneer. May 30, 2018.
  16. Palepu, Advait Rao (June 4, 2018). "Canara HSBC Life Q4 net up 69% at Rs 1.28 bn on bancassurance drive". Business Standard.
  17. "Canara HSBC OBC Life Insurance posts Rs 165 cr profit in FY19". The Free Press Journal. March 16, 2019.
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