Canara HSBC Life Insurance posts 9-fold jump in profit at Rs 91 cr in FY23

Canara HSBC Life Insurance on Thursday reported a nearly 9-fold increase in net profit at 91.2 crore during the 2022-23 financial year.

The insurance company had earned a profit after tax of Rs 10.2 crore in the preceding fiscal.

The company in the last fiscal recorded profit for the 11th year in a row, with PBT (Profit Before Tax) of Rs 100 crore for 2022-23, Canara HSBC Life Insurance managing director Anuj Mathur said.

The company's gross written premium in the last fiscal increased 22 per cent to Rs 7,197 crore from Rs 5,890 crore in FY22, while assets under management (AUM) grew15 per cent to Rs 30,204 crore from Rs 26,294 crore as on March 31, 2022.

The company proposed and declared a final dividend of 3 per cent of paid equity to its shareholders, he said, adding that last year too, the dividend was the same.

Indian embedded value of the company stood at Rs 4,272 crore, and the solvency margin at 252 per cent as of March 31, 2023.

At the same time, the insurer declared a bonus of Rs 200 crore on participating policyholders segment during the year.

Commenting on annual financial performance, Mathur said that with a strong commitment to empowering individuals, we are working on multiple facets to drive automation using AI/ML across processes through robust analytics while focusing on high growth through data and lead-driven sales.

Through strategic partnerships and organic growth initiatives, the company aims to solidify market presence and strengthen competitive advantage, thereby ensuring long-term value creation for shareholders, he added.