Canara HSBC OBC Life Net up 22%

This is the only life insurance company to have 100% bancassurance model and do not have any insurance agents. Canara HSBC Oriental Bank of Commerce Life Insurance has posted 22 per cent growth in net profit for 2015-16.Net profit stood at Rs 126 crore in FY16 against Rs 103 crore in FY15. The new business premiums of the company was up 35 per cent against the previous year.

Anuj Mathur, CEO and whole-time director, Canara HSBC Oriental Bank of Commerce Life Insurance, said retail was the major focus for the company and they have been able to get healthy premium growth due to the bank partners.This is the only life insurance company to have a 100 per cent  bancassurance​ model, not have insurance agents and solely sell through the banks concerned.

Canara HSBC OBC Life's bank partners are not planning to enter newer tie-ups, said Mathur. The insurer was in talks with additional banks to enter possible agreements to sell insurance policies in those bank branches. “Our bank partners (Canara Bank, HSBC and Oriental Bank of Commerce) believe that at present it is better to have one insurer’s product than those of multiple insurers,” he added. The insurer saw 53 per cent growth in retail on gross written premium (GWP) from the previous financial year.