Canara HSBC Oriental Life eyes Rs 850 cr in new business premium
newsdepo.com
With high growth in the past two financial years, Canara HSBC Oriental Life Insurance is targeting 40-50 per cent increase in 2017-18 in new business premium. The target is Rs 850 crore and the hope is for as much as Rs 1,000 crore, said Anuj Mathur, chief exCanara HSBC Oriental Life eyes Rs 850 cr in new business premium
With high growth in the past two financial years, Canara HSBC Oriental Life Insurance is targeting 40-50 per cent increase in 2017-18 in new business premium. The target is Rs 850 crore and the hope is for as much as Rs 1,000 crore, said Anuj Mathur, chief executive officer.The company has booked profit over Rs 100 crore annually for three 3 years, with its bancassurance (banks as partners) model. Those with a predominant share of this route incur much lower cost, as they do not have to invest in building infrastructure for an agency network. "Hence, we achieved an early break-even and are generating profits," said Mathur. Insurers growing in excess of 30-40 per cent yearly are all backed by bancassurance, he said.At present, the company is well capitalised, with a strong solvency ratio of 400 per cent against the sectoral standard of 150 per cent, and overall persistency of 83 per cent. The company might think of listing its business on the bourses in three or four years, if the ... Read more