Free Press Journal

Canara HSBC life insurance posts over Rs 100 cr profit

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Mumbai : 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 ninth year of operations, thereby,  maintaining more than Rs 100 crore profits consistently for the third consecutive year.

There was nine per cent growth in renewal business from Rs 1,201 crore in 2015-16 to 1,312 crore in 2016-17. The company has improved its persistency to 83 per cent at a portfolio level. The company maintains its operating expense ratio at 14 per cent. The AUM stood at approximately Rs 11,280 crs as on March 31, 2017. All funds have generated significantly higher returns vs their benchmarks. The claims settlement ratio is of 95.53 per cent in FY 17 against 92.99 per cent in FY16.