Canara HSBC Oriental Bank of Commerce Life Insurance Posts over Rs 100 Crore Profit for 3rd Consecutive Year

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited announced their financial results for the financial year 2016-17 reporting a net profit of Rs 111 crore in its 9th year of operations, thereby, maintaining more than Rs 100 crore profits consistently for the 3rd consecutive year.

During the year, the company had launched 8 new products catering to multiple customer needs spanning across retirement accumulation and guaranteed lifetime income, savings for child education, comprehensive protection through online and offline plans, savings for multiple needs through guaranteed endowment, and customized investment solution for high net worth individuals.

The company's product portfolio is complete with range of products providing solutions across all customer segments and channels.

Announcing the Company’s financial results, Anuj Mathur, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance said, “I am delighted to announce that our Company continues on a profitable growth trajectory. With the support of all our shareholders, we continue to progress towards providing life insurance solutions to the bank customers. We are positive about the opportunity that the country provides and are taking steps to ensure that we provide customized solutions to each customer segment. We are targeting a growth upwards of 30% for the year and are confident of the continuing support from the customers & stakeholders.”

Mathur further added, "We operate our business on the core philosophy of 'Treating customers fairly'.This ensures that the Customer will always be first in every initiative that we take. We remain committed to enhancing the policyholder wealth and financial security through consistent and steady long term performance. Our processes are designed to provide our customers a hassle-free claims experience and we are committed to provide the best in class service experience. Financial inclusion is an important agenda of the Government of India. Through the distribution strength of three partner banks, we have been able to reach out to the customers in tier 2 & 3 cities and we continue to expand business growth in these cities.”