Canara HSBC Life Insurance Reports Strong Q3 Profits Amidst IPO Milestone

Canara HSBC Life Insurance Company disclosed an 11% rise in net profit, reaching Rs 41 crore during the September quarter of this fiscal year. This uptick arrives alongside the company's significant milestone: its listing on the stock exchanges occurred on October 17.

The latest figures show a decline in total income to Rs 2,349 crore, down from Rs 3,335 crore in the corresponding period last year. Despite this, the company achieved stronger net premium collections, growing to Rs 2,260 crore from the previous year's Rs 1,829 crore.

Following its IPO, Canara Bank and other initial shareholders significantly reduced their stakes, resulting in Canara HSBC Life Insurance no longer being a subsidiary of Canara Bank. The solvency ratio also adjusted to 198%, reflecting the company's strategic shifts post-listing.