Anuj Dayal Mathur, MD and CEO, Canara HSBC Life Insurance | Photo credit: KSL
The life insurer – a joint venture promoted by Canara Bank and HSBC Insurance (Asia Pacific) Holdings – has two major bancassurers: Canara Bank and HSBC.
About 75 percent and 12 percent of the insurance company’s business in terms of annualized premium equivalents (APE) currently comes from Canara Bank and HSBC, respectively.
“They (HSBC) have already launched four new branches. They are operational. In fact, business has also come from these four new branches, which they opened in the last month. They are also planning to open another three to four branches in the next three to four months. So, there will be additional business coming from these places,” Canara HSBC Life Insurance MD & CEO Anuj Dayal Mathur said during the quarterly earnings call.
“The bank is also deploying additional relationship managers, because HSBC is a pure banca model, where the bank uses their relationship managers to source business. So there is a good focus on increasing penetration within the top segment,” he said.
The insurance company believes that there are other avenues through which it could expand its activities within HSBC.
“They have an ultra-HNI segment, which is the private bank. So we expect business to come from that segment. The bank is also quite aggressive now in terms of new customer acquisition through EBS (employee banking solution),” said Mathur.
Performance
The life insurer launched its broker channel in October last year. “We are very pleased with the initial success. There is early momentum which is encouraging. As planned, we will scale up the agencies’ infrastructure in phases, so we are on track,” the MD said.
During the nine-month period of this fiscal (9MFY26), the insurer’s APE and value of new business (VNB) rose 22.3 per cent and 36.8 per cent to ₹2,095 crore and ₹412.9 crore, respectively. The VMB margin increased by 210 basis points to 19.7 percent in December 2025, compared to 17.6 percent in the same period a year ago.
Canara HSBC Life Insurance on Wednesday reported an 8.23 per cent year-on-year increase in net profit at ₹91.88 crore for the first nine months of FY26, compared to ₹84.89 crore for the corresponding period of FY25.
On Thursday, the scrip ended the day at ₹149.80 per piece on BSE, up 9.94 per cent over its previous close.
Published on January 22, 2026
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