Canara HSBC Life Insurance Co. Ltd. IPO

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Canara HSBC Life Insurance Company Limited is a leading private life insurer in India, jointly promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited. Canara Bank — India’s fourth-largest public sector bank by total assets (as of March 31, 2025, CRISIL Report) — provides strong domestic brand equity and distribution reach, while HSBC brings its global reputation, adding credibility and trust. Incorporated in 2007, the company has emerged as a prominent bank-led private life insurer with a wide customer base and robust financial performance.

Market Position

Ranks third among public sector bank-led life insurers in India by number of lives covered (Fiscal 2025, CRISIL Report). It recorded the third-highest individual weighted premium income (WPI) growth among bank-led insurers between Fiscal 2022 and 2025 and the second-highest YoY growth in Fiscal 2025 (CRISIL Report). It has the third-highest assets under management (AUM) among public sector bank-promoted life insurers as of March 31, 2025.

Distribution Network

Bancassurance is the company’s primary distribution channel, contributing 92.33% of new business premium in Q1 FY26, supported by strong tie-ups with Canara Bank (9,849 branches), HSBC India (26 branches with approval for 20 more), and seven Regional Rural Banks, providing access to 15,700+ branches across India (as of March 31, 2025). This network is complemented by brokers, corporate agents, digital platforms, a dedicated field sales force, and a specialized defense channel catering to armed forces personnel and their families.

Product Portfolio

Comprehensive range for individual and group customers:

1. Savings & Endowment Plans
2. Term (Pure Protection) Plans
3. Retirement Solutions
4. Group Credit Life & Protection Plans
5. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Balanced product mix across participating, non-participating savings, protection, unit-linked, annuity, and group savings plans — reducing concentration risk and adapting to market cycles.

Competitive Strengths

i) Strong Promoter Parentage: Backed by Canara Bank (51%) and HSBC Insurance (26%) ensuring credibility, brand equity, and extensive bancassurance network.
ii) Consistent Profitability: Among the fastest life insurers to achieve profitability within five years of operation.
iii) Pan-India Reach: Wide distribution network across Tier 1–3 cities, supported by technology and digital integration.
iv) Diverse Product Mix: Caters to mass-market and high-net-worth individuals, reducing business cycle risks.
v) Technological Leadership: Advanced digital onboarding, predictive analytics, and automation enhancing efficiency and customer satisfaction.

Objects of the Canara HSBC Life Insurance Co. Ltd. IPO:

The company will not receive any proceeds from the Offer; all proceeds, after expenses and taxes, will go to the selling shareholders.

Canara HSBC Life Insurance Co. Ltd. IPO Details:

Open Date: Oct 10 2025
Close Date: Oct 14 2025
Total Shares: 23,75,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 2517.50 Cr.
Lot Size: 140 Shares
Issue Price: ₹ 100-106 Per Equity Share
Listing At: NSE,BSE
Listing Date: Oct 17 2025

Promoters And Management:

1. Satyanarayana Raju Kalidindi – Chairman & Non-Executive Director (nominated by Canara Bank). Director since July 6, 2022, with 35+ years in banking. Currently MD & CEO of Canara Bank; earlier Executive Director at Canara Bank and senior roles at Vijaya Bank/Bank of Baroda and BOBCARD Ltd. 2. Anuj Dayal Mathur – Managing Director & CEO. With the company since 2008, Director since 2015. 30+ years’ experience in insurance, auto, IT & telecom. Previously worked with Aviva Life, Maruti Udyog, HCL Perot Systems, Bharti Tele-Ventures. Recipient of Times Now Impactful CEO 2023 and other leadership awards. 3. Bhavendra Kumar – Non-Executive Director (nominated by Canara Bank). Director since June 13, 2025. 26+ years’ banking experience; currently Executive Director at Canara Bank, previously held senior roles across strategic planning, SME, gold loans & priority credit.

Financials of Canara HSBC Life Insurance Co. Ltd. IPO:

Particulars 3M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
AUM (cr) 43,639.40 41,166.40 37,389.40 30204.4
Individual weighted premium income 398.90 2,178.60 1,702.60 1657.5
Annualized premium equivalent 492.7 2339.3 1887.7 1883.7
Renewal business premium 913.7 4905.9 4227.6 3480.7
Individual No. of Policies 40 K 1.94L 1.84 L 1.86 L
Total Income (Cr) 42.35 234.01 240.88 261.59
EBITDA 31.28 149.91 146.56 118.82
EBITDA Margins 73.86% 64.06% 60.84% 45.42%
PAT 23.4 116.9 113.3 91.1
PAT Margins 55.25% 49.96% 47.04% 34.82%
Claim Settlement Ratio 99.38 99.38 99.31 99.11
Value of new business (Cr) 95.9 446 377.5 -
Total cost ratio 19.59% 18.70% 18.89% 17.36%
Operating expenses to GWP ratio 14.09% 12.39% 13.12% 11.62%

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins AUM(Cr) Cost Ratio MCap (in cr) P/E
Canara HSBC Life Insurance Company 234.01 64.06% 49.96% 41,166.40 18.70% 10,070 86.14
SBI Life Insurance Company Limited 116888 2% 2.06% 447466.9 9.68% 181,465 72.9
HDFC Life Insurance Company Limited 92922 1% 1.95% 336398.8 19.83% 162,946 86.6
ICICI Prudential Life Insurance Company Limited 70778 2% 1.68% 303979 18.04% 86083 68.2
Note: Forward P/E is 107.58 According to FY 2026 PAT

Registrar of Canara HSBC Life Insurance Co. Ltd. IPO:

  1. Kfin Technology Private Limited

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