Canara HSBC Life Insurance plans a fresh fund infusion in the second half of the current financial year.
“The insurance venture plans to make a capital infusion of Rs 200 crore to fund business growth,” Canara HSBC Life Insurance Chief Executive Officer Harpal Karlcut told reporters here.
Post-funding, the ventures’ total paid-up capital will rise to Rs 725 crore. At its launch in June 2008, the company was capitalised at Rs 325 crore and in December 2008 the shareholders infused a further Rs 200 crore, Karlcut said.
The life insurance company is a three-way venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia-Pacific) Holdings with 51 per cent, 23 per cent and 26 per cent stake, respectively.
During the first year of its operation, the insurer collected Rs 375 crore in premium income by underwriting 43,000 policies.
The company currently offers 10 products of which six are unit linked insurance plans (ULIPs) while remaining are traditional schemes.
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