Canara HSBC Life Insurance Company Ltd.H1 VNB ₹266 Cr (+24%), margin 21.3%, APE +14%

Canara HSBC Life Insurance reported H1 FY27 individual weighted premium income up 15% and APE up 14%, ahead of industry growth of 13%, with the number of policies up 16%.

Value of new business rose 24% to ₹266 crore and the VNB margin improved to 21.3% from 19.6%, helped by a shift to traditional products, which reached 59% of APE against 50% a year earlier. Protection rose to 10% of APE and individual protection grew 96%. Embedded value rose 16% to ₹7,622 crore, assets under management crossed ₹50,000 crore and profit after tax rose 11% to ₹71 crore. The total expense ratio was 20.5%, or 19.2% excluding GST, and management says it is close to the draft regulatory aim of 15%.

Solvency was 180% and the company plans to raise subordinated debt this quarter, with no equity raise foreseen. Management expects APE to keep growing faster than the industry and sees IRDAI's draft distribution framework, risk-based capital and IFRS as opportunities, while credit life remains the area to watch.