Canara HSBC Oriental Life net profit rises 22% in FY16

Canara HSBC Oriental Bank of Commerce Life Insurance Company today reported a 22.33 per cent growth in net profit for 2015-16 at Rs 126 crore.
The private insurer's net profit stood at Rs 103 crore in 2014-15, it said in a release.
The gross written premium (GWP) in retail saw 53 per cent growth at Rs 506 crore as against Rs 332 crore in the previous fiscal.
"It is indeed encouraging to see our company on a profitable growth trajectory. Our achievement is a result of the commitment of our banks and employees in meeting the insurance needs of our customers.

"We have undertaken various strategic initiatives during the year to progress on the growth focused on increasing the sales across our partner banks' distribution network," Canara HSBC Oriental Bank of Commerce Life Insurance Chief Executive Officer and Whole-time Director Anuj Mathur said.
Operating expenses ratio of the insurer was 13 per cent compared to 16 per cent last year.

Assets Under Management (AUM) stood at Rs 9,800 crore as on March 31.
The company insured 44,000 lives in social sector as against the mandated requirement of 35,000 lives and issued 18,000 polices (24 per cent) in the rural sector against the mandate of 19 per cent for fiscal 2015-16.

Mathur further said "We have enhanced our product offering in line with our long term business goals of making the business more efficient. We have also started building a foundation for expanding our footprint in the digital space."
The company, launched in June 2008, is jointly owned by two public sector banks -- Canara Bank (51 per cent) and Oriental Bank of Commerce (23 per cent) -- and HSBC Insurance (Asia Pacific).