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Canara HSBC Life Q3 FY26: VNB Jumps 37% YoY to ₹413 Cr with 19.7% Margin
Canara HSBC Life reported a robust 9M FY26 performance with individual weighted premium income growing 20% YoY, significantly outperforming the private industry average of 13%. The Value of New Business (VNB) surged 37% to ₹413 crores, supported by a 200 bps margin expansion to 19.7% despite GST and labor code impacts. Adjusted Profit After Tax (PAT) rose 19% YoY to ₹101 crores, excluding a one-off labor code provision. The company is actively diversifying its distribution mix by launching an agency channel and plans to raise ₹250 crores in subordinate debt to fuel further growth.
Key Highlights
Individual Weighted Premium Income (WPI) grew 20% YoY for 9M FY26, with Q3 growth accelerating to 29%.
VNB Margin improved to 19.7%, driven by higher rider attachments in ULIPs and 50% growth in the Credit Life segment.
13-month persistency ratio improved to 85.6% from 82.5%, while the total expense ratio decreased by 130 bps to 18.7%.
Indian Embedded Value (IEV) reached ₹6,868 crores, representing a 17% year-on-year increase.
Board approved raising ₹250 crores through subordinate debt to strengthen solvency and support channel expansion.
💼 Action for Investors
Investors should view the margin expansion and outperformance relative to the industry as strong indicators of operational efficiency. Monitor the scaling of the newly launched agency channel and the impact of subordinate debt on the company's long-term solvency and growth capacity.