Performance Highlights (H1 FY27)

Financial Metrics:

  • Individual Weighted Premium Income (WPI): ₹1,117 crore; year-on-year (YoY) growth of 14.5%
  • New Business Premium Income: ₹1,984 crore; YoY growth of 16.1%
  • Total APE: ₹1,250 crore; YoY growth of 14.4%
  • Value of New Business (VNB): ₹266 crore; YoY growth of 24%; VNB margin of 21.3%
  • Total Premium Income: ₹4,742 crore; YoY growth of 17.3%
  • Renewal Premium (Individual + Group): ₹2,758 crore; YoY growth of 18.2%
  • Profit After Tax (PAT): ₹71.2 crore; YoY growth of 10.8%
  • Assets Under Management (AUM): ₹50,200 crore as at September 30, 2026; YoY growth of 14%
  • Embedded Value (EV): ₹7,622 crore as at September 30, 2026; operating RoEV of 19.8% on a rolling 12-month basis
  • Solvency Ratio: 180% as at September 30, 2026

Business Segment Performance:

  • Protection business grew 44% year-on-year, with protection APE of ₹131 crore
  • Share of protection in total APE: 10.5%
  • Credit Life business showed year-on-year growth of 35%

Product Mix (on APE basis):

  • ULIP: 41%
  • Non-Par Savings: 24.6%
  • Par: 9.9%
  • Non-Par Protection: 10.5%
  • Annuity: 13.7%

Operational Metrics:

  • Expense Ratio (Total Expenses / Total Premium): 20.5% (H1 FY26: 19.0%)
  • Persistency Ratios:
  • 13th month: 85.6% (H1 FY26: 84.4%)
  • 61st month: 54.6% (H1 FY26: 55.5%)

Strategic Developments:

  • Launched Promise2Secure protection product designed to provide flexible financial security solutions for evolving family needs
  • Recognized among India's Best Workplaces for Women 2026 – Top 50 by Great Place To Work® India
  • Maintains 107 branch offices pan India as of September 30, 2026

Management Commentary:

Anuj Mathur, MD & CEO, stated that H1 FY27 reflected the resilience of traditional segments' demand, enabling healthy growth while strengthening business quality. The protection portfolio continued to gain traction, growing by 44% and accounting for 10.5% of total APE. Strong renewal trends underscored the strength of the customer franchise. The company views proposed regulatory reforms as a positive step towards enhancing transparency, customer outcomes and the long-term sustainability of the insurance sector.

Ownership Structure:

  • Canara Bank: 36.5%
  • HSBC Insurance (Asia Pacific) Holdings Limited: 25.5%
  • Punjab National Bank: 13%

Comparative Performance Table (₹ Crore):

| Metric | H1 FY27 | H1 FY26 | YoY Growth |

| Individual WPI | 1,117 | 975 | 14.5% |

| Total APE | 1,250 | 1,092 | 14.4% |

| New Business Premium (Individual + Group) | 1,984 | 1,709 | 16.1% |

| Renewal Premium (Individual + Group) | 2,758 | 2,334 | 18.2% |

| Total Premium | 4,742 | 4,042 | 17.3% |

| Assets Under Management (AUM) | 50,200 | 44,090 | 13.9% |

| Profit After Tax (PAT) | 71.2 | 64.2 | 10.8% |

| Value of New Business (VNB) | 266 | 214 | 24.0% |