Canara HSBC Life Insurance today said it will infuse Rs 200 crore during the second half of the current fiscal which will take the total paid-up capital to Rs 725 crore.
"The insurance venture plan to make a capital infusion of Rs 200 crore during the second half of 2009-10 to fund business growth," Canara HSBC Life Insurance Chief Executive Officer Harpal Karlcut told reporters here.
The paid-up capital of the insurance venture that started its operation in June 2008 stands at Rs 525 crore.
At the launch, the company was capitalised at Rs 325 crore and in December 2008 the shareholders infused a further Rs 200 crore, Karlcut said.
The life insurance company is a three-way venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings with 51 per cent, 23 per cent and 26 per cent, respectively.
During the first year of its operation, the insurer collected Rs 375 crore of the premium by underwriting 43,000 policies.
The company currently offers 10 products of which six are ULIPs (Unit Linked Insurance Plan) while remaining are traditional schemes.