Canara HSBC OBC Life Insurance net jumps 51 pc at Rs 168 cr in FY18

Private sector Canara HSBC Oriental Bank of Commerce Life Insurance today posted a rise of 51 per cent in its net profit at Rs 168 crore in 2017-18.

Company's individual new business premium (weighted premium income) has grown by 34 per cent to Rs 818 crore in 2017-18 from Rs 613 crore in 2016-17, it said in a statement.

The overall industry recorded a growth rate of 19 per cent in the same period, it added.

The gross written premium has increased by 21 per cent to Rs 2,781 crore during the year from Rs 2,295 crore in preceding fiscal.

Canara HSBC Oriental Bank of Commerce Life Insurance said its 13th month persistency stands at 77.9 per cent and the overall claim settlement ratio is 97.18 per cent.

Assets under management (AUM) stands at nearly Rs 12,690 crore as on March 31, 2018.

"The growth this year mainly comes from the non-metros as we penetrated further into the tier-II and tier-III markets. This achievement demonstrates the strength of the bancassurance model in efficiently reaching both urban and rural customers.

"We are steadily moving towards achieving cumulative break-even of our company and aspire to follow the profitable growth trajectory in FY19," said Anuj Mathur, chief executive officer of Canara HSBC Oriental Bank of Commerce Life Insurance.