Q1 FY27 Financial Performance

Canara HSBC Life Insurance Company Limited reported unaudited results for the quarter ended 30 June 2026 (Q1 FY27). Total annualized premium equivalent (APE) reached ₹585 crore, reflecting an 18.8% year‑on‑year increase from ₹493 crore in Q1 FY26. Individual weighted premium income (WPI) was ₹470 crore, up 17.8% YoY, while new business premium (individual plus group) amounted to ₹1,044 crore, a 25.2% rise over the prior year’s ₹833 crore. Renewal premium grew 22.3% to ₹1,117 crore, and total premium income climbed 23.7% to ₹2,161 crore from ₹1,747 crore.

Assets under management expanded 13.8% to ₹49,683 crore versus ₹43,640 crore a year earlier. Profit after tax (PAT) improved 20.2% to ₹28 crore from ₹23 crore. The value of new business (VNB) was ₹124 crore, up 28.8% YoY, and the operating return on embedded value (RoEV) stood at 19.7% on a rolling twelve‑month basis. Expense ratio increased to 20.7% from 19.6%, while the solvency ratio was 198%, marginally below 200% in the prior quarter.

Persistency ratios showed the 13‑month persistency at 85.9% (up from 84.0%) and the 61‑month persistency unchanged at 55.3%. The product mix on an APE basis was: ULIP 36%, non‑par savings 26%, par 10%, annuity 14% and non‑par protection 13%, compared with 49%/18%/7%/15%/11% in Q1 FY26.

Distribution and Business Highlights

The company expanded its distribution footprint through a strategic partnership with West Bengal Gramin Bank and continued to leverage its bancassurance network comprising Canara Bank, HSBC Bank and other partners across 107 branch offices. The number of policies issued grew 19% YoY. Protection business surged 41.5% YoY, raising its share of total APE to 13%, and credit life business advanced 40.7% YoY.

Management Commentary

MD & CEO Anuj Mathur highlighted that profitable growth remained on track despite a complex global economic environment, noting that APE growth aligned with guidance and that the shift toward protection and traditional offerings supported the strong VNB performance.

Key Ratios

  • Expense Ratio: 20.7% (vs 19.6% YoY)
  • Solvency Ratio: 198% (vs 200% YoY)
  • 13‑month Persistency: 85.9% (vs 84.0% YoY)
  • 61‑month Persistency: 55.3% (unchanged)