Canara HSBC Life to shift focus to tier III, IV cities to grow business

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

Canara HSBC Oriental Bank of Commerce Life Insurance Company, which has taken the bancassurance route to improve profits, now plans to focus on tier-III and tier-IV cities to grow its business.

Anuj Mathur, chief executive officer of the company, said, “We have done well through our bancassurance model. Our penetration has increased in the past three years and we are now entering tier-III and tier-IV cities. Our traditional insurance plans in the product mix will continue to increase¸ as customers in these areas are typically risk-averse.”

For FY18, net profit grew 51 per cent year-on-year to Rs 1.68 billion, with gross premiums