Canara HSBC Life Insurance Company Ltd

Canara HSBC Life Insurance Company Limited, a joint venture between Canara Bank (51%), HSBC Insurance (Asia-Pacific) Holdings Limited (26%) and Oriental Bank of Commerce (23%) was incorporated on September 25, 2007 as Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited' and received a Certificate of Commencement of Business dated January 28, 2008 from the Assistant Registrar of Companies, Karnataka. The name of the Company was changed to Canara HSBC Life Insurance Company Limited' after Oriental Bank of Commerce ceased to be in existence pursuant to Scheme of Amalgamation of Oriental Bank of Commerce with PNB, which became effective from April 1, 2020 and a fresh Certificate of Incorporation, upon change of name, was issued by the RoC on June 15, 2022. Company was incorporated in 2007 and is promoted by Canara Bank, which holds a 51% stake, and HSBC Insurance (Asia-Pacific) Holdings Limited, which holds a 26% stake as of October 14, 2025. The Company is a private life insurer in India and promoted by Canara Bank, which ranks as the fourth largest public sector bank by total assets in India as of March 31, 2025 and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of The Hongkong and Shanghai Banking Corporation Limited (HSBC) group, whose global reputation as a financial institution adds credibility and brand value. The Company offer a comprehensive range of life insurance products tailored for both individual and group i.e., companies, businesses or organizations customers. The services include saving and endowment plans, term (pure protection) plans, retirement solutions, group credit life and protection plans and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). These products have comprehensive protection, guaranteed income and market-linked growth features. These products deliver options like multiple payout choices, investment management flexibility and to customize through a breadth of plan and fund, including limited pay annuity plans and over ten fund choices in unit-linked products. The Company has grown into a prominent bank led private player in the Indian life insurance sector as it rank second amongst public sector bank led life insurers in India based on the number of lives covered for the FY2024. The Company is indirectly controlled by the Government of India through its shareholding in Canara Bank and Punjab National Bank. The Company was granted a Certificate of Registration by the Insurance Regulatory and Development Authority of India (IRDAI) for carrying on life insurance business in India. The Company commenced operations from June 16, 2008. The Company carries on business in the areas of life insurance, pensions and health insurance. The business spans across individual and group platform, offering participating, non-participating, unit linked, annuity, variable insurance products etc. Company launched the IPO by issuing 237,500,000 equity shares of face value of Rs 10 each, by raising Rs 2515.95 Cr through Offer for Sale in October, 2025. The Company has launched its Agency Channel in October 2025, with ~500 distributors onboarded and Rs 14 crore of Individual Weighted Premium Income (WPI) generated in the initial phase. During 2026, key initiatives included the launch of SecureInvest, a high sum assured ULIP to reinforce the protection proposition; entry into the pension accumulation segment through Legacy Builder, expanding the retirement portfolio; launch of Future Dollar Investment, entering the GIFT City market; and the launch of Promise4Life and IncomeNow to address early income needs. Value of new business (VNB) for FY 26 was at Rs 627 crore, reflecting a 41% growth. New business margin for the year is at 22.4% for FY 2026. During FY26, the Company issued 25,000 rated, listed, redeemable, unsecured, subordinated, taxable, fully paidup, non-cumulative, non-convertible debentures for general business activities.