Canara HSBC Life

Punjab National Bank (PNB) on Tuesday said it will sell 10 per cent stake in Canara HSBC Life Insurance Company by listing the insurer on the stock exchanges. Currently, PNB holds 23 per cent in the insurance firm. PNB's board in its meeting held today has accorded its approval for initiating the process of diluting 10 per cent stake of the bank in Canara HSBC Life Insurance Co Ltd, an associate company of the Bank, by listing the Company in Stock Exchanges (BSE/NSE) through Initial Public Offer (IPO). The decision is subject to regulatory approval, PNB said in a regulatory filing. HSBC and public sector Canara Bank are promoters of the life insurance company holding 26 per cent and 51 per cent, respectively. PNB is a shareholder with 23 per cent stake. Shares of PNB fell 15.80 per cent to close at Rs 115.35 on the BSE.

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The state-owned Central Bank of India on Friday posted a 57 per cent increase in its profit at Rs 718 crore in the third quarter ended December 2023. The bank had earned a net profit of Rs 458 crore in the same quarter a year ago. Total income increased to Rs 9,139 crore during the quarter under review against Rs 7,636 crore in the same period last year, the Central Bank of India said in a regulatory filing. However, the net interest income of the bank declined to Rs 3,152 crore during the quarter compared to Rs 3,285 crore in the same period a year ago. Bank's gross Non-Performing Assets (NPAs) declined to 4.50 per cent of the total loans at the end of December 2023 from 8.85 per cent a year ago. Net NPAs or bad loans also came down to 1.27 per cent from 2.09 per cent at the end of the third quarter of the previous fiscal.

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 b

HSBC Insurance (Asia Pacific) Holdings Ltd (INAH), one of the shareholders in Canara HSBC OBC Life Insurance Co Ltd, has expressed its intention to acquire PNB's stake in the insurance company

For FY18, net profit grew 51% year-on-year to Rs 1.68 billion, with gross premiums rising 21% to Rs 27.8 billion