Canara HSBC Life Insurance has announced its financial results for FY22-23, showcasing a strong financial performance backed by innovative product launches and new customer servicing avenues. The company in the last fiscal recorded profit for the 11th year in a row with Profit Before Tax (PBT) of Rs. 100 Cr. for FY22-23. Key highlights of the performance are as follows:

21% growth in individual new weighted premium income (WPI) Rs. 1,658 Cr. in FY 2022-23 Vs. Rs. 1,375 Cr. in previous year

Company's Indian Embedded Value is Rs. 4,272 Cr. as on March 31, 2023

Company's gross written premium has increased by 22% to Rs. 7,197 Cr. in FY 22-23 from Rs. 5,890 Cr. in FY21-22

Assets under management (AUM) grew by 15% at Rs. 30,204 Cr. as on March 31, 2023, Vs. Rs. 26,294 Cr. as on March 31, 2022

Company's Individual claims settlement ratio stands at 99.0% for FY 22-23 and at overall level (Incl. group) claim settlement ratio at 99.10%

Company declared bonus of INR 200 Cr. on Participating Policyholders segment. Company has declared bonus consistently for last 10 years to its policyholders

Company proposed and declared a final dividend of 3% of paid equity to its Shareholders

Company's solvency margin at 252% as on March 31, 2023

Company has doubled its branch network to 102 branches by opening 49 new branches in the last financial year

An active customer base of over 69 Lacs customer

In line with Regulator’s vision 2047 of ‘Insurance for All’, the Company has insured more than 57 Lac lives under PMJJBY

Canara HSBC Life Insurance had launched several new life insurance products in the last fiscal year within guaranteed savings, ULIP and pension category. The Company launched its marquee customer App (#PromisesKaApp) to promote “DIY-Do It Yourself” journeys for smooth and quick customer servicing. In one year of its launch the App has more than 1 Lac+ registered users over the platform accessing various features, the Company is one amongst few life insurers to offer a virtual health concierge with benefits like tracking of fitness goals, access to experienced doctors over call or chat, maintaining repository of health documents, set up appointment for medical tests and an all round support to aid policyholders with their health and wellness requirements.