HDFC Bank Limited
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₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Canara HSBC Life Insurance Company Limited
NSE: CANHLIFEFinancial ServicesInsurance - Life
- Last close
- ₹124.75
- Day change
- −₹1.02 (−0.81%)vs
- Market cap
- ₹12,352 crIndian rupees
- Research updated
- 1 report
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About Canara HSBC Life Insurance Company
Canara HSBC Life Insurance Company Limited is a leading private life insurer in India, established as a joint venture between Canara Bank (51%) and HSBC Insurance (Asia-Pacific) Holdings Limited (26%), both of which provide the company with strong domestic distribution and global brand credibility. The company specializes in a diversified portfolio of life, health, and group insurance products, with a particular emphasis on unit-linked insurance plans (ULIPs), which accounted for over half of its new business premiums as of mid-2025. Canara HSBC Life Insurance serves a broad customer base through Canara Bank’s extensive branch network and HSBC’s private banking channels, complemented by partnerships with regional rural banks and digital platforms to enhance rural and urban penetration. The insurer is recognized for robust operational performance, including high claims settlement ratios and improving customer satisfaction metrics. With assets under management exceeding ₹43,600 crore and a steadily growing embedded value, the company plays a significant role in India’s insurance sector by bridging protection, savings, and investment needs for retail and corporate clients alike. Its strategic focus on product innovation, customer-centric distribution, and prudent risk management positions Canara HSBC Life as a notable participant in the evolving Indian financial services landscape.
- Sector
- Financial Services
- Industry
- Insurance - Life
- Listing
- NSE: CANHLIFE
- Chief executive
- Mr. Anuj Dayal Mathur B.Com., C.A., C.S.
- Employees
- 9,697
- Headquarters
- Gurugram, India
- ISIN
- INE01TY01017
- Website
- canarahsbclife.com
Public research · Report of
Business model & financial foundation
Canara HSBC Life (NSE: CANHLIFE), Life insurance (private, bancassurance-led): revenue of ₹10,046 crore in FY26 (+25.1% on FY25) and net profit of ₹126.6 crore.
- Revenue, FY26 (₹ crore)
- 10,046
- consolidated
- Revenue growth, FY26
- +25.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 126.6
- to owners
- Return on equity, FY26
- 7.9%
- on average equity
- Market capitalisation (₹ crore)
- 14,584
- at the close of 17 Oct 2026
Company profile
Canara HSBC Life is a mid-sized private Indian life insurer (about 2% individual WPI market share in FY26) that sells unit-linked, non-par savings, participating, annuity and protection policies, about 85-90% through its promoter banks Canara Bank and HSBC India plus regional rural banks. It earns the spread and mortality margins on in-force policies; value creation is measured by embedded value growth (VNB from new business plus unwind of the in-force book). It listed in October 2025 via a pure offer for sale at INR106.
| Item | Value |
|---|---|
| Legal name | Canara HSBC Life Insurance Company Limited (formerly Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited) |
| Exchange and ticker | NSE: CANHLIFE; BSE: 544583 |
| ISIN | INE01TY01017 |
| CIN | L66010DL2007PLC248825 |
| Sector | Financial Services |
| Industry | Life insurance (private, bancassurance-led) |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Brahmayya & Co. and Raj Har Gopal & Co. (joint statutory auditors) (since 2025-09-25) |
| Market capitalisation | ₹14,584 crore (17 Oct 2026) |
| Shares outstanding | 95.00 crore shares (FY26) |
| Price | ₹130.4 (close, 17 Oct 2026) |
| 52-week range | ₹106.0 - ₹166.7 (to 17 Oct 2026) |
| Website | https://www.canarahsbclife.com |
Corporate structure and shareholding
No subsidiary is recorded.
Joint venture: Canara Bank 36.5% and HSBC Insurance (Asia Pacific) Holdings 25.5% are promoters (62% combined); Punjab National Bank holds 13% as investor. Ceased to be a Canara Bank subsidiary after the Oct 2025 OFS. An ESOP trust holds shares funded by an interest-free loan.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoter | 62.00% | 62.00% | 62.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.57% | 5.67% | 5.42% |
| Domestic institutions | 30.85% | 29.79% | 29.67% |
| of which mutual funds | 17.35% | 16.34% | 16.17% |
| Retail | 2.32% | 2.28% | 2.47% |
| Other | 0.26% | 0.26% | 0.43% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Canara HSBC Life is a standalone Indian life insurer, bank-led and now adding agency. Premiums fund policyholder assets/reserves, not shareholder revenue in the conventional industrial sense. Total premium is the revenue measure used here; economic value is tracked through APE, VNB and embedded value. Canara and HSBC are promoters (62% combined); PNB holds 13% as investor. The pure-OFS IPO raised no fresh corporate equity.
| Peer | Why the dossier compares them |
|---|---|
| SBI Life Insurance (SBILIFE) | Bancassurance-led private life insurer anchored by a PSU bank promoter (SBI); closest business model |
| ICICI Prudential Life Insurance (ICICIPRULI) | Bank-promoted private life insurer with foreign JV partner and ULIP-heavy history |
| Max Financial Services (MFSL) | Holding company of Axis Max Life, bancassurance-led via Axis Bank |
| Life Insurance Corporation of India (LICI) | State-owned incumbent; co-distributor at Canara Bank |
| Star Union Dai-ichi Life (unlisted) | PSU-bank (Bank of India, Union Bank) promoted bancassurance insurer of similar scale; not listed, qualitative only |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total premium income (first year + single + renewal), gross | 7,197 | 7,129 | 8,028 | 10,046 |
| Other operating costs (vendor classification) * | 483.6 | -19.5 | ||
| EBIT * | 150.1 | |||
| Finance cost * | 9.32 | |||
| Profit before tax, shareholders' account | n.r. | 128.2 | 140.8 | |
| Provision for tax, shareholders' account | 11.2 | 14.2 | ||
| Profit after tax (shareholders' account) | 91.2 | 113.3 | 117.0 | 126.6 |
| Diluted EPS (INR) | 0.96 | 1.19 | 1.23 | 1.33 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity * | 1,605 | |||
| Borrowings * | 250.0 | |||
| Cash and cash equivalents * | 613.3 | |||
| Trade receivables * | 54.8 | |||
| Trade payables * | 65.0 | |||
| Net property, plant and equipment * | 58.2 | |||
| Capital work in progress * | 6.47 | |||
| Total assets * | 48,057 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Free cash flow (vendor definition) * | 1,196 | 3,523 | ||
| Dividends paid (the provider's sign: an outflow is negative) * | -38.0 | |||
| Capital expenditure (the provider's sign: an outflow is negative) * | -11.3 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shares outstanding * | 95.00 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Total premium income (first year + single + renewal), gross | 2,028 | 2,762 | 1,747 | 2,295 | 2,889 | 3,114 | 2,161 | 2,581 |
| Other operating costs (vendor classification) * | 180.8 | 92.1 | 38.5 | 164.0 | 120.8 | 155.2 | ||
| Profit before tax, shareholders' account | 28.1 | 35.0 | 26.1 | 45.3 | 30.8 | 38.6 | 31.5 | 48.3 |
| Provision for tax, shareholders' account | -1.24 | 2.94 | 2.65 | 4.45 | 3.19 | 3.88 | 3.37 | 5.21 |
| Profit after tax (shareholders' account) | 29.3 | 32.1 | 23.4 | 40.8 | 27.7 | 34.7 | 28.1 | 43.1 |
| Diluted EPS (INR) | 0.31 | 0.34 | 0.25 | 0.43 | 0.29 | 0.37 | 0.30 | 0.45 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | -1.0% | 12.6% | 25.1% | |
| Net margin | 1.3% | 1.6% | 1.5% | 1.3% |
| Return on equity | 7.9% | |||
| Return on assets | 0.3% | |||
| Dividend payout | 30.0% | |||
| EPS, diluted (₹) | 0.96 | 1.19 | 1.23 | 1.33 |
| Book value per share (₹) | 16.90 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Canara HSBC Life Insurance Company includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Canara HSBC Life Insurance Company
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.