Canara HSBC Life Insurance Company reported a 5.5% year-on-year increase in net profit to ₹43.1 crore for the second quarter of FY27, compared with ₹40.8 crore in the corresponding period last year.
Net premium earned rose 13% year-on-year to ₹2,553.2 crore from ₹2,259.7 crore a year earlier, the company said on Friday.
Separately, the company’s board approved a proposal to raise up to ₹287.5 crore through subordinated debt instruments at a meeting held on October 9.
The proposed fundraising will be carried out through private placement in one or more series or tranches, subject to any necessary approvals.
Canara HSBC Life Insurance retains FY27 growth outlook
In July, the insurer retained its growth guidance for FY27 after reporting an increase in earnings for the April-June quarter.
Managing Director and Chief Executive Officer Anuj Mathur had said the company remained on track to deliver 18-20% growth in its top line and a Value of New Business (VNB) margin of 22-23% for the financial year.
The insurer reported a 24% increase in new business premium and a 29% rise in VNB in the first quarter.
Mathur had attributed improving demand for protection products to greater customer awareness and changes related to the goods and services tax (GST).
Canara HSBC Life Insurance share price
Shares of Canara HSBC Life Insurance closed at ₹138.70 on the NSE on October 9, down ₹6.86, or 4.71%, from the previous close.
Despite the day’s decline, the stock has gained 24.48% over the past year.