The insurer’s net premium earned increased 23.8% to ₹2,047.5 crore from ₹1,653.4 crore in the corresponding quarter last year. The company reported total premium income of ₹2,161 crore during Q1 FY27, registering a 23.7% year-on-year growth.
The insurer’s new business premium income stood at ₹1,044 crore, up 25.2% year-on-year. Individual weighted premium income (WPI) rose 17.8% to ₹470 crore.
ALSO READ | Canara HSBC Life announces ₹271 crore bonus for participating policyholders
The company’s Annualised Premium Equivalent (APE) increased 18.8% year-on-year to ₹585 crore, while Value of New Business (VNB) grew 28.8% to ₹124 crore. The new business margin stood at 21.1%. The protection business grew 41.5% year-on-year, with its share increasing to 13%.
Canara HSBC Life’s Assets Under Management (AUM) stood at ₹49,683 crore, rising 13.8% year-on-year. The company’s Embedded Value (EV) was at ₹7,383 crore, with operating Return on Embedded Value (RoEV) at 19.7% on a rolling 12-month basis.
The insurer’s persistency ratio stood at 85.9% for the 13th month and 55.3% for the 61st month.
On an APE basis, the product mix comprised Unit Linked Insurance Plans (ULIPs) at 36%, Non-Par Savings at 26%, Par products at 10%, Non-Par Protection at 13%, and Annuity at 14%.
ALSO READ | Canara HSBC Life looks to outpace industry as protection demand picks up
Anuj Mathur, MD and CEO, Canara HSBC Life Insurance, said, “Our focus on profitable growth continued to deliver results in Q1, supported by a strong distribution network and product mix improvements. Despite a complex global economic environment, we reported APE growth of 18.8% YoY, in line with our stated guidance. Our distribution-led strategy continued to gain traction, reflected in a 19% YoY increase in the number of policies issued.
Protection remains a key focus area, with protection APE growing 41.5% YoY and its share of total APE rising to 13%. Credit Life also continued to be a significant growth driver, registering healthy advancement of 40.7% YoY.
We delivered a healthy VNB of ₹124 crore with a YoY growth of 28.8% for Q1 FY27. This improvement was supported by a favourable shift in product mix towards protection and traditional offerings. With strong momentum across distribution, protection, and profitability, we remain steadfast in our commitment to deliver sustainable growth and create long-term value in India’s growing life insurance market.”
ALSO READ | PNB sells 10% stake in Canara HSBC Life Insurance, raises over ₹1,000 crore
Shares of Canara HSBC Life Insurance Company Ltd ended at ₹150.60, up by ₹0.80, or 0.53%, on the BSE.
