Canara HSBC Life Insurance posts 9-fold jump in profit at Rs 91 cr in FY23

Canara HSBC Life Insurance on Thursday announced an almost 9-fold increase in net profit at Rs.91.2 crore during the 2022-23 financial year.

The insurance company made a profit after tax of Rs. 10.2 crore in the previous financial year.

Anuj Mathur, managing director of Canara HSBC Life Insurance, said the company posted its latest financial profit for the 11th consecutive year with PBT (profit before tax) of Rs 100 crore for the year 2022-23.

The company’s gross written premium in last financial year increased by 22% to Rs.7,197 crore from Rs.5,890 crore in FY22, while assets under management (AUM) grew by 15% to Rs.30,204 crore from Rs.26,294 crore. As on March 31, 2022.

He said that the company proposed and declared a final dividend of 3 percent of the shares paid to its shareholders, adding that also in the past year, the profits were the same.

The company’s embedded Indian value is Rs.4,272 crore and the solvency margin is at 252 per cent as of March 31, 2023.

At the same time, the insurance company has announced a bonus of Rs 200 crore on the tranche of policyholders participating during the year.

Commenting on the annual financial performance, Mathur said that with a strong commitment to empowering people, we are working on multiple facets to drive automation using AI/ML across processes with strong analytics with a focus on high growth through data and sales driven by leadership.

He added that through strategic partnerships and organic growth initiatives, the company aims to consolidate presence in the market and enhance competitive advantage, thus ensuring long-term value creation for shareholders.

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