Canara HSBC Life Insurance is eyeing additional bancassurance business from HSBC, which has been opening new branches in India.
The life insurer – a joint venture promoted by Canara Bank and HSBC Insurance (Asia Pacific) Holdings – has two major bancassurance partners: Canara Bank and HSBC.
Around 75 per cent and 12 per cent of the insurance company’s business in terms of annualised premium equivalent (APE) currently comes from Canara Bank and HSBC, respectively.
“They (HSBC) already launched four new branches. They are operational. In fact, some business also started coming from these four new branches, which they opened in the last month or so. They are also planning on opening another three to four branches in the next three to four months. So, additional business will come from these places,” Canara HSBC Life Insurance MD & CEO Anuj Dayal Mathur said during the quarterly earnings call.
“The bank is also deploying additional relationship managers, because HSBC is a pure banca model, wherein the bank is deploying their relationship managers to source business. So, there is good focus in terms of increasing penetration within the premier segment,” he said.
The insurance company feels that there are other avenues, too, through which it would be able to expand business within HSBC.
“They have ultra HNI segment, which is private bank. So, we expect business to come from that segment. Bank is also quite aggressive now in terms of new customer acquisition through EBS (employee banking solution),” Mathur said.
Performance
The life insurance company launched its agency channel in October last year. “We are very happy with the initial success. There is early momentum which is encouraging. As planned, we will scale up the agency branch infrastructure in a phased manner, so we are on track,” the MD said.
For the nine-month period of this financial year (9MFY26), the insurer’s APE and value of new business (VNB) rose 22.3 per cent and 36.8 per cent at ₹2,095 crore and ₹412.9 crore, respectively. VNB margin increased 210 basis points to 19.7 per cent as on December, 2025 from 17.6 per cent in the year-ago period.
Canara HSBC Life Insurance on Wednesday reported a 8.23 per cent y-o-y increase in its net profit ₹91.88 crore for the first nine months of FY26 from ₹84.89 crore for the corresponding period of FY25.
On Thursday, its scrip ended the day at ₹149.80 apiece on BSE, up 9.94 per cent from the previous close.
Published on January 22, 2026
