Canara HSBC Oriental Life eyes Rs 850 cr in new business premium

Insurers growing in excess of 30-40% yearly are all backed by bancassurance

With high growth in the past two financial years, Canara HSBC Oriental Life Insurance is targeting 40-50 per cent increase in 2017-18 in new business premium. The target is Rs 850 crore and the hope is for as much as Rs 1,000 crore, said Anuj Mathur, chief executive officer. The company has booked profit over Rs 100 crore annually for three years, with its bancassurance (banks as partners) model. Those with a predominant share of this route incur much lower cost, as they do not have to invest in building infrastructure for an agency network. “Hence, we achieved an early