Canara HSBC Life Insurance Company Limited (CANHLIFE)
₹125.99 -3.36% on 19 Oct, as of 12:25 IST · NSE
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Canara HSBC's revenue was ₹4,351 Cr (+19.8% year on year, +216.7% on the previous quarter), and net profit ₹28.1 Cr (+22.3% year on year); the operating margin was 0.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,351 | +19.8% | +216.7% |
| Operating profit | ₹23.6 | +293.2% | -79.7% |
| Net profit | ₹28.1 | +22.3% | -19.6% |
| Operating margin | 0.5% | — | — |
CANHLIFE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.47% of the CANHLIFE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.27%. That is close to its usual level. It traded 3.3 times its average daily volume.
Delivery in the last 5 sessions: 39.0% · 39.6% · 45.8% · 59.0% · 56.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Canara HSBC Life Insurance Company Limited announced that NSE Sustainability Ratings & Analytics Limited has independently assigned it an ESG rating of '71' for FY 2025-2026. The company noted that it did not engage the agency, and the rating was assigned independently using publicly available information. The communication was received on October 15, 2026, at 5:00 PM IST. This disclosure is procedural under SEBI LODR regulations and carries no direct financial or operational impact.
- Assigned an independent ESG rating of '71' for FY 2025-2026
- Rating provider: NSE Sustainability Ratings & Analytics Limited (Category I ESG Rating Provider)
- Rating was unsolicited; company did not engage the agency for rating services
- Intimation received via email on October 15, 2026, at 5.00 pm IST
Canara HSBC Life Insurance reported its H1 FY27 financial performance with Value of New Business (VNB) growing 24.0% YoY to ₹266 crore, delivering a VNB margin of 21.3%. Profit After Tax increased 10.8% YoY to ₹71.2 crore, while total premium income grew 17.3% YoY to ₹4,742 crore. Embedded Value reached ₹7,622 crore with an operating RoEV of 19.8% on a rolling 12-month basis. Assets Under Management (AUM) crossed ₹50,200 crore, up 13.9% YoY.
- VNB grew 24% YoY to ₹266 crore with a VNB margin of 21.3% in H1 FY27
- Embedded Value stood at ₹7,622 crore with an operating RoEV of 19.8%
- Total premium income rose 17.3% YoY to ₹4,742 crore, while PAT grew 10.8% YoY to ₹71.2 crore
- Protection business recorded strong momentum, surging 44% YoY to ₹131 crore (10.5% share of total APE)
- Solvency ratio remained comfortable at 180%, while 13-month persistency improved to 85.6% from 84.4%
Canara HSBC Life Insurance released its H1 FY27 investor presentation, reporting a 24% YoY growth in Value of New Business (VNB) to ₹2,658 Mn and a VNB margin expansion to 21.3% from 19.6%. Total Annualized Premium Equivalent (APE) grew 14% YoY to ₹12,497 Mn, while Gross Premium increased 17% YoY to ₹47,423 Mn. Indian Embedded Value (IEV) expanded 16% YoY to ₹76,218 Mn with an operating RoEV of 19.8% (up from 17.4%). Profit after tax rose 11% YoY to ₹712 Mn for the half-year, supported by an expanding total AUM of ₹502 Bn (up 14% YoY).
- VNB grew 24% YoY to ₹2,658 Mn in H1 FY27, with VNB margin improving by 170 bps to 21.3%
- Total APE increased 14% YoY to ₹12,497 Mn, while Individual WPI grew 15% to ₹11,167 Mn
- Embedded Value rose 16% YoY to ₹76,218 Mn with an Operating RoEV of 19.8% (vs 17.4% in H1 FY26)
- H1 FY27 PAT grew 11% YoY to ₹712 Mn, and Total AUM crossed ₹502 Bn (up 14% YoY)
- 13th-month persistency improved to 85.6% vs 84.4% in the prior period
The Board of Canara HSBC Life Insurance approved the unaudited financial results for the quarter and half-year ended September 30, 2026, receiving an unmodified limited review report from joint statutory auditors. Additionally, the Board approved raising funds up to ₹287.50 crore through the issuance of Non-Convertible Debentures (NCDs) structured as subordinated debt on a private placement basis. The borrowing remains subject to regulatory and other statutory approvals. The company continues to prepare accounts under Indian GAAP following IRDAI forbearance deferring Ind AS adoption for one year.
- Board approved issuance of subordinated debt NCDs for an amount not exceeding ₹287.50 crore on a private placement basis.
- Approved unaudited financial results for the quarter and half-year ended September 30, 2026, with an unmodified review report.
- Company received IRDAI forbearance to defer Ind AS adoption for a period of one year, maintaining Indian GAAP reporting.
- Outstanding notional principal for Forward Rate Agreements with HSBC stood at ₹6,045 Lakhs as of September 30, 2026.
The Board of Canara HSBC Life Insurance approved the unaudited financial results for the quarter and half-year ended September 30, 2026, receiving an unmodified limited review report from joint statutory auditors. Additionally, the Board approved raising funds up to ₹287.50 crore through the issuance of Non-Convertible Debentures (NCDs) structured as subordinated debt on a private placement basis. The borrowing remains subject to regulatory and other statutory approvals. The company continues to prepare accounts under Indian GAAP following IRDAI forbearance deferring Ind AS adoption for one year.
- Board approved issuance of subordinated debt NCDs for an amount not exceeding ₹287.50 crore on a private placement basis.
- Approved unaudited financial results for the quarter and half-year ended September 30, 2026, with an unmodified review report.
- Company received IRDAI forbearance to defer Ind AS adoption for a period of one year, maintaining Indian GAAP reporting.
- Outstanding notional principal for Forward Rate Agreements with HSBC stood at ₹6,045 Lakhs as of September 30, 2026.
Canara HSBC Life Insurance Company Limited announced the closure of its trading window starting October 1, 2026. The restriction applies to designated persons and insiders pursuant to SEBI Insider Trading regulations for the quarter ending September 30, 2026. The window will reopen 48 hours after the declaration of the un-audited financial results. The exact date of the board meeting will be intimated separately.
- Trading window closes effective Thursday, 1st October 2026
- Applies ahead of un-audited financial results for the quarter ending 30th September 2026
- Trading window to reopen 48 hours following the results announcement
Canara HSBC Life Insurance Company Limited has issued a Postal Ballot Notice seeking shareholder approval to re-appoint two Non-Executive Independent Directors for a second term of three consecutive years each. The proposed re-appointments are for Dr. Kishore Kumar Sansi (effective 27th October 2026 to 26th October 2029) and Mr. Supratim Bandyopadhyay (effective 28th November 2026 to 27th November 2029). Remote e-voting commences on 17th September 2026 and closes on 16th October 2026, with the cut-off date set as 11th September 2026. The results will be declared on or before 20th October 2026.
- Re-appointment of Dr. Kishore Kumar Sansi as Independent Director for a 3-year term from 27th October 2026 to 26th October 2029
- Re-appointment of Mr. Supratim Bandyopadhyay as Independent Director for a 3-year term from 28th November 2026 to 27th November 2029
- Remote e-voting period runs from 17th September 2026 (9:00 am IST) to 16th October 2026 (5:00 pm IST)
- Sitting fees paid in FY26 were ₹34,50,000 to Dr. Sansi and ₹36,00,000 to Mr. Bandyopadhyay; both attended 16 out of 16 board meetings
Canara HSBC Life Insurance received an order dated September 10, 2026, from IRDAI levying a monetary penalty of ₹1,00,00,000 (₹1 crore). The penalty stems from a March 12, 2026 show cause notice concerning policy misselling reported via a social media post, citing non-compliance with the Protection of Policyholder Regulations, 2024 and Corporate Governance Regulations, 2024. In addition to the fine, IRDAI has issued directions requiring the company to submit an Action Taken Report within specified timelines. The company noted that the financial impact is confined to ₹1 crore and expects no disruption to operations.
- Penalty of ₹1,00,00,000 (₹1 crore) imposed by IRDAI on September 10, 2026
- Originates from a Show Cause Notice issued on March 12, 2026 regarding policy misselling
- Company required to submit an Action Taken Report on regulatory directions within specified timelines
- Penalty amounts to ~3.55% of Q1 FY27 PAT (₹28.14 crore reported in Jun 2026)
Canara HSBC Life Insurance Company has approved the reappointment of two Non-Executive Independent Directors for a second term of 3 consecutive years, subject to shareholder approval. Dr. Kishore Kumar Sansi's tenure will run from October 27, 2026, to October 26, 2029. Mr. Supratim Bandyopadhyay's tenure is extended from November 28, 2026, to November 27, 2029. Both directors bring over 35 years of banking, financial, and insurance leadership experience, supporting board continuity.
- Reappointment of Dr. Kishore Kumar Sansi for a 3-year term from 27th October 2026 to 26th October 2029
- Reappointment of Mr. Supratim Bandyopadhyay for a 3-year term from 28th November 2026 to 27th November 2029
- Resolution approved by circulation on 9th September 2026 at 4.58 p.m. (IST)
- Both appointees bring over 38 and 36 years of financial services experience, respectively
Canara HSBC Life Insurance Company Limited announced that its Chief Financial Officer (CFO), Mr. Tarun Rustagi, has resigned to pursue opportunities outside the organization after a 7-year tenure. The resignation was tendered on August 25, 2026, and accepted by the Board on August 31, 2026. His last working day will be November 24, 2026, allowing an approximate 3-month transition window.
- CFO Tarun Rustagi tenders resignation after a 7-year tenure with the insurer
- Resignation accepted on August 31, 2026; last working day fixed as November 24, 2026
- Provides a nearly 3-month handover window to transition financial responsibilities
Canara HSBC Life Insurance Company Limited entered into a Corporate Agency Agreement with The Hongkong and Shanghai Banking Corporation Limited, GIFT City Branch (HSBC IBU) on August 25, 2026. The partnership facilitates the distribution of CANHLIFE's insurance products through HSBC's IFSC Banking Unit located in GIFT City, Gujarat. The arrangement is executed at arm's length, with commissions payable as per the company's Board-approved policy to the promoter group entity.
- Corporate Agency Agreement executed with HSBC GIFT City Branch on August 25, 2026
- Agreement enables distribution of insurance products through HSBC's IFSC Banking Unit in Gujarat
- Commissions payable as per the Board-approved Commission policy at arm's length
- HSBC is a promoter group entity; promoter holding currently stands at 62.0%
Canara HSBC Life Insurance Company Limited has submitted the Scrutinizer's report and voting results for its 19th Annual General Meeting held on August 20, 2026. Shareholders approved all 8 ordinary resolutions presented, including the adoption of FY26 financial statements and a dividend of Rs 0.40 per equity share. Additionally, material related-party transactions with promoter groups Canara Bank and HSBC for FY 2026-27 received requisite shareholder approval with over 99.99% votes in favour.
- Shareholders approved all 8 resolutions at the 19th AGM held on August 20, 2026.
- Approved a dividend of Rs 0.40 per equity share for the financial year ended March 31, 2026.
- Material related-party transactions for FY 2026-27 approved for Canara Bank and HSBC with over 99.99% favorable votes.
- Overall voter turnout was 95.52% (90.74 crore votes polled on 95.00 crore total shares) for non-interested resolutions.
- Total shareholder count on the record date (August 14, 2026) stood at 84,865.
Canara HSBC Life Insurance Company Limited announced the resignation of Mr. Edward Charles Lawrence Moncreiffe (DIN: 10637615) from the position of Non-Executive Director. The resignation is effective from the close of business hours on August 21, 2026. The departure follows his resignation from the HSBC Group. This is a routine nominee change on the board and does not impact day-to-day operations.
- Non-Executive Director Edward Charles Lawrence Moncreiffe resigned effective close of business hours on 21st August 2026
- Reason for resignation is his cessation of employment from the HSBC Group
- Director Identification Number (DIN) noted as 10637615
Canara HSBC Life Insurance Company Limited announced that Mr. Edward Charles Lawrence Moncreiffe has resigned from his position as Non-Executive Director (DIN: 10637615), effective from the close of business hours on August 21, 2026. The resignation is a consequence of his departure from the HSBC Group. The company has submitted the intimation under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Resignation of Non-Executive Director Edward Charles Lawrence Moncreiffe (DIN: 10637615)
- Effective date of cessation is the close of business hours on August 21, 2026
- Reason for resignation is his departure from the HSBC Group
Canara HSBC Life Insurance Company Limited concluded its 19th Annual General Meeting (AGM) on August 20, 2026, through video conferencing. Key items transacted included adoption of FY26 audited financial statements and declaration of a ₹0.40 per equity share dividend. Shareholders also transacted approvals for material Related Party Transactions (RPTs) with promoter groups Canara Bank and HSBC for FY27. Formal voting results alongside the Scrutinizer report are to be published within two working days.
- 19th AGM conducted on August 20, 2026, covering 8 ordinary and special business items.
- Shareholder resolution transacted for a dividend of ₹0.40 per equity share for FY26.
- Approval transacted for material Related Party Transactions with Canara Bank and HSBC for FY27.
- Scrutinizer voting results to be submitted to exchanges within 2 working days.
Financial Performance
Revenue Growth by Segment
Total Premium Income grew 25% YoY to INR 4,042.1 Cr in H1 FY26. Individual Weighted Premium Income (WPI) increased by 14% to INR 975.2 Cr, while Renewal Business Premium saw a significant 29% growth to INR 2,333.5 Cr. Total Annualized Premium Equivalent (APE) grew 11% to INR 1,092.3 Cr.
Geographic Revenue Split
The company exhibits moderate geographic concentration with Karnataka contributing 20.0% of total premium and Maharashtra contributing 12.9% as of 9MFY24. This concentration makes the company sensitive to regional economic shifts in South and West India.
Profitability Margins
Value of New Business (VNB) Margin improved to 19.6% in H1 FY26 from 18.1% in H1 FY25, a 150 bps increase driven by higher volumes and rider attachments. Profit After Tax (PAT) grew 16% YoY to INR 64.2 Cr. However, Return on Net Worth (RONW) remains modest at 8.2% for FY24.
EBITDA Margin
Operating Return on Embedded Value (RoEV) stood at 17.4% on a rolling 12-month basis. The Total Expense Ratio improved to 19.0% in H1 FY26 from 20.5% in H1 FY25, reflecting better operational efficiency and cost rationalization despite the launch of new channels.
Capital Expenditure
While specific future CapEx figures are not disclosed, the company is investing in a 'gradual ramp-up' of its new agency channel launched in October 2025 and technology enablers like AI/Data analytics to drive productivity across its branches.
Credit Rating & Borrowing
The company maintains a comfortable solvency ratio of 2.15x as of December 2024, well above the regulatory 1.5x. CARE Ratings expects the company to maintain solvency above 2.00x in the near-to-medium term. Borrowing costs are not explicitly detailed as the company is primarily funded by shareholder equity and internal accruals.
Operational Drivers
Raw Materials
In the insurance context, 'raw materials' are the policyholder funds and capital. Non-linked funds are primarily invested in Government Securities (63% of non-linked portfolio) and AAA/Sovereign debt (98% of debt investment).
Import Sources
Not applicable as the company operates in the financial services sector within India, sourcing capital and premiums domestically.
Key Suppliers
Not applicable; however, the company relies on reinsurers through treaty and facultative agreements to mitigate catastrophic risk and conserve capital.
Capacity Expansion
Current investment book (AUM) is INR 44,089.8 Cr as of H1 FY26, an 11% YoY increase. Expansion is focused on distribution, moving from a 92% banca-dependent model to a multi-channel approach including the newly launched agency business.
Raw Material Costs
Commission rates are a primary 'input cost'. The company notes its commission rates with bank partners are lower than the industry average. Total expense ratio (opex + commission) is 19.0% of total premium.
Manufacturing Efficiency
Productivity is measured by persistency and claim settlement. 13th-month persistency improved to 84.4% (vs 83.2% PY) and 61st-month persistency reached 58.4% (vs 57.4% PY). The claim settlement ratio is high at 98.3%.
Logistics & Distribution
Distribution is dominated by the bancassurance model, which contributed 92% of individual new business in 9MFY25. The company is diversifying into agency and direct channels to reduce concentration risk.
Strategic Growth
Expected Growth Rate
21%
Growth Strategy
Growth will be achieved through a 'phased ramp-up' of the agency channel, increasing penetration in the existing 9,500+ Canara Bank branches, and optimizing the product mix toward high-margin traditional business. The company also plans to leverage AI and data analytics to improve branch-level sales productivity.
Products & Services
Life insurance policies including Unit Linked Insurance Plans (ULIPs), non-participating traditional savings plans, annuities, and group insurance products.
Brand Portfolio
Canara HSBC Life Insurance.
New Products/Services
The company is focusing on 'rider attachments' to expand margins and is shifting the mix toward traditional business to meet customer demand for guaranteed returns.
Market Expansion
Expansion is focused on the 'Agency' channel launched in October 2025 to access niche customer segments where persistency is typically better than the overall average.
Market Share & Ranking
Ranked as the 12th-largest private life insurance player with a market share of approximately 1.83% based on new business premium income as of FY24.
Strategic Alliances
A Joint Venture between Canara Bank (51%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%).
External Factors
Industry Trends
The private life insurance sector grew 8% YoY in H1 FY26, while LIC de-grew 10%. The industry is shifting toward traditional products and facing regulatory changes regarding GST and commission rationalization.
Competitive Landscape
Competes with 24 other private life insurers and LIC. Market share is moderate at 1.83%, placing it in the middle-tier of private players.
Competitive Moat
The primary moat is the exclusive access to the massive branch network of Canara Bank and HSBC, providing a low-cost distribution advantage. This is sustainable as long as the bancassurance agreements remain exclusive and the promoter banks maintain their market presence.
Macro Economic Sensitivity
Highly sensitive to interest rates; a 1% increase in reference rates improves VNB margin by 0.6% and EV by 1.9%.
Consumer Behavior
Shift in customer demand toward 'traditional business' and 'non-participating products' which offer longer tails and guaranteed returns, moving away from market-linked products during volatility.
Geopolitical Risks
Limited direct impact as a domestic insurer, but sensitive to Indian equity market volatility which affects ULIP demand (expected flat growth in FY25 due to market moderation).
Regulatory & Governance
Industry Regulations
Governed by IRDAI regulations, including a 1.5x minimum solvency margin and specific investment limits for single entity/group exposure to mitigate concentration risk.
Taxation Policy Impact
The company faces a 2.25% margin impact from GST changes. A potential shift to a 25% normal tax basis would result in a 7.8% decrease in Embedded Value.
Legal Contingencies
The company has a 'Policyholder protection, Grievance redressal & Claim monitoring Committee' to manage disputes, but specific pending court case values in INR are not disclosed.
Risk Analysis
Key Uncertainties
The upcoming IPO and dilution of Canara Bank's stake to below subsidiary levels may impact the strategic linkage and bancassurance partnership dynamics.
Geographic Concentration Risk
32.9% of total premium is concentrated in just two states: Karnataka (20.0%) and Maharashtra (12.9%).
Third Party Dependencies
Extreme dependency on Canara Bank for distribution (68% of gross premium), making the company vulnerable to any changes in the bank's corporate strategy.
Technology Obsolescence Risk
The company is mitigating this by prioritizing 'Technology and analytics enablers' as one of its four strategic priorities to drive operational efficiency.
Credit & Counterparty Risk
Credit risk is mitigated by investing 98% of the debt portfolio in AAA and Sovereign rated instruments.
