Canara HSBC Life Insurance Reports Healthy H1 FY27 Results: Embedded Value Reaches ₹7,622 Crore, Operating RoEV at 19.8%; Traditional Products Drive VNB Growth

New Business Premium stood at ₹1,984 crore, registering year-on-year growth of 16.1%

Individual weighted premium income (WPI) of ₹1,117 crore, with year-on-year growth of 14.5%

Value of New Business (VNB) stood at ₹266 crore, with year-on-year growth of 24% and new business margin of 21.3%

Protection business grew 44% year-on-year, with share of protection at 10.5%

Credit Life continues strong trajectory, year-on-year growth at 35%

NEW DELHI, Oct. 9, 2026 /PRNewswire/ -- The Board of Directors of Canara HSBC Life Insurance Company Limited (BSE: 544583) (NSE: CANHLIFE) approved and adopted the unaudited financial results for the half year ended September 30, 2026.

During H1 FY27, Canara HSBC Life Insurance delivered a resilient performance amid a dynamic operating environment. The Company reported healthy growth in Individual WPI and APE while continuing to strengthen the quality of its business through improved customer penetration, healthy renewal collections, and sustained persistency.

During the period, it further expanded its protection offering through the launch of Promise2Secure, designed to provide flexible financial security solutions for evolving family needs. The Company was also recognized among India's Best Workplaces for Women 2026 – Top 50 by Great Place To Work® India, reflecting its continued commitment to fostering an inclusive and high-trust workplace.

Performance Highlights (H1 FY27)

• Individual Weighted Premium Income (WPI): ₹1,117 crore; year-on-year (YoY) growth of 14.5%
• New Business Premium Income: ₹1,984 crore; YoY growth of 16.1%
• Total APE: ₹1,250 crore; YoY growth of 14.4%
• VNB: ₹266 crore; YoY growth of 24%; VNB margin of 21.3%
• Total Premium Income: ₹4,742 crore; YoY growth of 17.3%
• Protection APE: ₹131 crore; YoY growth of 44%; share of total APE of 10.5%
• Assets Under Management (AUM): ₹50,200 crore as at September 30, 2026; YoY growth of 14%
• Embedded Value (EV): ₹7,622 crore as at September 30, 2026; operating RoEV of 19.8% on a rolling 12-month basis
• Profit After Tax (PAT): ₹71.2 crore; YoY growth of 10.8%
• Persistency Ratios: 13th month at 85.6%; 61st month at 54.6%
• Solvency Ratio: 180% as at September 30, 2026
• Product Mix (on APE basis): ULIP 41%; Non-Par Savings 24.6%; Par 9.9%; Non-Par Protection 10.5%; Annuity 13.7%

MD & CEO's Statement

Anuj Mathur, MD & CEO, Canara HSBC Life Insurance, said, "H1 FY27 reflected the resilience of traditional segments' demand, enabling us to deliver healthy growth while further strengthening the quality of our business. Our protection portfolio continued to gain traction, growing by 44% and accounting for 10.5% of total APE, while strong renewal trends underscored the strength of our customer franchise.

We reported a Value of New Business of ₹266 crore, up 24% year-on-year, with a VNB margin of 21.3%, reflecting our focus on disciplined execution and profitable growth. We also continued to see sustained momentum in credit life and annuity streams, reinforcing our strategy of building a balanced and diversified portfolio aligned to customers' protection, savings and retirement needs.

We view the proposed regulatory reforms as a positive step towards enhancing transparency, customer outcomes and the long-term sustainability of the insurance sector. As the industry evolves, we remain committed to leveraging our strong distribution franchise and customer-focused approach to create enduring value for customers and stakeholders."

Financial Metrics

Other Key Ratios

Definitions and abbreviations

• Individual weighted premium income ("WPI"): Individual WPI is defined as sum of individual non single new business premium and 10% of individual single new business premium during the relevant Fiscal/ period.
• Annualized premium equivalent ("APE"): APE is calculated by summing the annualized first-year premiums of regular premium policies and 10% of the single premiums during the relevant Fiscal/ period.
• Renewal business premium: Renewal business premium includes life insurance premiums falling due in the years subsequent to the first year of the policy during the relevant Fiscal / period.
• Total Premium: The total of all premiums received in a year — including first year, single and renewal premiums for both individual and group policies.
• Asset under management ("AUM"): AUM represents the total carrying value of assets managed by the life insurance company as on the date of reporting.
• Persistency ratio: Persistency ratio is defined as the ratio of premium received from policies remaining in force to all policies issued, prior to the date of measurement. It is the percentage of premium pertaining to policies that have not discontinued paying premiums or surrendered.
• Profit after tax: Profit after tax is the total of income less expenses after deducting tax expense for the relevant Fiscal/ period attributable to Shareholders as reported in the annual report/ financial statements for the relevant Fiscal/ period.
• New Business Premium: Insurance premium that is due in the first policy year of a life insurance contract or a single lump sum payment from the policyholder
• Embedded value ("EV"): EV is the sum of the Adjusted Net Worth and present value of future profits from all the policies in-force of a life insurance company as at the date of reporting
• Value of new business ("VNB"): VNB is the present value of expected future earnings from new policies written during a specified period / fiscal and it reflects the additional value to shareholders expected to be generated through the activity of writing new policies during a specified period / fiscal.
• Solvency Ratio: Solvency Ratio means ratio of the amount of available solvency margin to the amount of required solvency margin as specified in form-KT-3 of IRDAI Actuarial Report and Abstracts for Life Insurance Business Regulations and IRDAI Actuarial, Finance and Investment Functions of Insurers Regulations as on the date of reporting
• VNB margin: VNB margin is the ratio of VNB to APE for a specified Fiscal/ period and is a measure of the expected profitability of new business during a specified period
• Expense ratio: Expense ratio includes all expenses in the nature of operating expenses of life insurance business including commission, remuneration/ brokerage, rewards to the insurance agents and intermediaries which are charged to revenue account divided by total premium during the specified time Fiscal/ period.
• Operating return on EV ("Operating RoEV") Ratio: Operating RoEV Ratio is defined as the annualized ratio of embedded value operating profit ("EVOP") for any given Fiscal/ period to the EV at the beginning of that Fiscal/ period. For the above purposes, EVOP is defined as measure of the increase in the EV during any given period, excluding the impact on EV due to external factors like changes in economic variables and shareholder-related actions like capital injection or dividend pay-outs.

About Canara HSBC Life Insurance

Incorporated in 2007, Canara HSBC Life Insurance Company Limited is a joint venture promoted by Canara Bank (36.5 per cent) and HSBC Insurance (Asia Pacific) Holdings Limited (25.5 per cent). Punjab National Bank is also a shareholder of the Company, holding 13% as an investor. As a bancassurance-led insurance company with its corporate office at Gurugram, Haryana and 107 branch offices as of September 30, 2026, pan India, Canara HSBC Life brings together the trust and market knowledge of public and private banks.

For more than 18 years now, Canara HSBC Life Insurance has sold insurance products to customers through multiple channels and a well-diversified network of Canara Bank, HSBC Bank and its other bancassurance partners located in multiple Tier 1, 2 and 3 cities across the country. Canara HSBC Life Insurance has a vast portfolio of life insurance solutions and offers various products across individual and group spaces comprising of life, term plans, retirement solutions, credit life and employee benefit segments through partner banks and digital channels.

With an aim to provide simpler insurance and faster claim process, Canara HSBC Life Insurance intends to keep the promises of their customers alive with their "Promises Ka Partner" philosophy.

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve several risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. Canara HSBC Life Insurance Company Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities.

For further press queries email us on prateek.sharma@canarahsbclife.in 

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