Canara HSBC Life Insurance Company Ltd(CANHLIFE)

NSE: CANHLIFEBSE: 544583

₹ 124.9-0.68%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 11,866 crWebsite: www.canarahsbclife.comUpdated: 24 Oct 2026

About

Canara HSBC Life Insurance Company Ltd is a bancassurance-led life insurer incorporated in 2007, promoted by Canara Bank (51%) and HSBC Insurance (Asia Pacific) Holdings (26%), with Punjab National Bank holding 23% as an investor. It sells savings, unit-linked, annuity, protection, credit life and group products through partner banks and digital channels, and reported revenue of 10045.59 crore in FY26. In H1 FY27 its APE was ₹12,497 mn, its market share was 1.8%, and its embedded value was ₹76,218 mn.^[1][2][3]

Key operating numbers

APE grew 14% YoY to ₹12,497 mn in H1 FY27, against 12% growth for the private sector and 13% for the industry; market share was flat at 1.8%.^[3]
Individual WPI grew 15% YoY to ₹11,167 mn in H1 FY27.^[3]
VNB rose 24% YoY to ₹2,658 mn in H1 FY27; full-year FY26 VNB was ₹627.3 crores, up 41% YoY.^[3][4]
VNB margin was 21.3% in H1 FY27 vs 19.6% a year earlier: business mix added 2.6% and assumption changes 0.8%, while expenses took off 2.0%.^[3]
Embedded value grew 16% YoY to ₹76,218 mn in H1 FY27; operating RoEV was 19.8% vs 17.4% a year earlier.^[3]
AUM was ₹502 bn in H1 FY27, up 14% YoY; gross premium was ₹47,423 mn, up 17%.^[3]
Solvency ratio was 180.4% in H1 FY27 vs 198.0% previously; FY25 solvency was 206% against a 150% regulatory minimum.^[3][1]
Total expense ratio was 20.5% in H1 FY27 vs 19.0% a year earlier.^[3]

Product mix

Traditional products were 59.0% of APE in H1 FY27 vs 49.8% a year earlier; the ULIP share fell to 41.0% from 50.2%.^[3]
Protection APE rose to ₹1,309 mn in H1 FY27 from ₹909 mn a year earlier.^[3]
The FY26 product mix was 51% ULIP and 49% traditional; management guided the ULIP share to 45-50% for FY27.^[5]
The portfolio covers individual and group life, health, term, retirement, credit life and employee benefit products, mixing traditional savings, unit-linked, annuity and pure protection plans.^[1]
In FY25, revenue from the non-linked non-participating life segment was ₹3,425.56 crore, linked non-participating life ₹2,874.16 crore and non-linked participating life ₹1,149.91 crore.^[1]

Persistency and renewal

13th-month persistency was 85.6% in H1 FY27 vs 84.4% a year earlier.^[3]
61st-month persistency was 54.6% in H1 FY27 vs 55.5% a year earlier.^[3]
Renewal premium grew 18% YoY to ₹27,583 mn in H1 FY27.^[3]

Distribution and channels

Canara Bank and HSBC together contribute approximately 80% of business (as of Q1 FY27).^[4]
The company is present across 9,000 Canara Bank branches (as of FY25) and has more than 100 of its own branch offices, with its corporate office in Gurugram.^[1]
HSBC branch locations grew to 34 from 26 (as of H1 FY27).^[3]
The agency channel, launched in October 2025, has passed 1,900 sales staff and contributed ₹407 mn of APE in H1 FY27.^[3][4]
Alternate (non-bancassurance) channels are targeted to grow from approximately 10% to 15-20% of volume over three years (as of Q1 FY27).^[4]
Servicing is built into bank customers' banking app through an SDK (as of FY25).^[1]

Expansion and new initiatives

Management plans to deepen penetration in Canara Bank's semi-urban and rural branches and to expand through new distribution avenues (H1 FY27).^[3]
The agency channel is expected to reduce VNB margins by approximately 200 bps for 2-3 years before turning VNB-positive from Year 4.^[4]
The HSBC GIFT City branch is operational and is awaiting an IFSCA distribution licence to sell to NRI customers.^[5]
A GenAI underwriting copilot is in use, and the company plans a wider rollout of AI across claims, servicing and distribution (H1 FY27).^[3]
Phased estimation of Scope 3 emissions is to start from the next cycle, and a materiality assessment is underway (H1 FY27).^[3]
Ind AS implementation is deferred to 1 April 2027.^[5][1]

Claims and customer service

The claim settlement ratio improved to 99.6% in FY26 from 99.4% in FY25.^[5]
The company reported a Net Promoter Score of +70 in FY25, its best ever.^[1]

Ownership and corporate events

Its IPO DRHP was filed on April 28, 2025 for an offer for sale of up to 237,500,000 shares by Canara Bank, HSBC Insurance and PNB.^[1]
CARE reaffirmed its 'CARE AAA' stable rating in FY25.^[1]
Cricketer Jasprit Bumrah and presenter Sanjana Ganesan are brand ambassadors under the 'Promises Ka Partner' brand philosophy (FY25).^[1]

Market Cap

₹11,866 Cr

High / Low

₹167 / 107

Stock P/E

88.6

Price / Book

7.2

Book Value

₹17

EPS

₹1.3

No. of Shares

95 Cr

ROE

7.9%

Sales

₹10,046 Cr

Net Profit

₹127 Cr

Promoter holding

62.0%

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Signal history

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Canara HSBC Life Insurance Company Ltd(CANHLIFE)

About

Key operating numbers

Product mix

Persistency and renewal

Distribution and channels

Expansion and new initiatives

Claims and customer service

Ownership and corporate events

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

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