Canara HSBC Life Insurance Company
Canara HSBC Life Insurance Company
InsuranceKey Fundamentals
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Key Insights
Strengths
2- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 32.0%
Weaknesses
5- Stock is trading at 8.83 times its book value
- The company has delivered a poor sales growth of 4.55% over past five years.
- Tax rate seems low
- Company has a low return on equity of 8.08% over last 3 years.
- Earnings include an other income of Rs.85.3 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoCanara HSBC Life Insurance trades at a market cap of ₹14,156 Cr with a PE of 110x and P/B of 8.83x, reflecting premium valuations. The company has delivered modest compounded profit growth of 12% over 3 years and maintains an ROE of approximately 8%, while sales growth over 5 years has been subdued at around 5%.
- Company is expected to deliver a good upcoming quarter, suggesting near-term earnings momentum
- Healthy dividend payout ratio of 32.0%, indicating shareholder-friendly capital return policy
- Compounded profit growth of 12% over 3 years outpaces the 11% sales CAGR over the same period, pointing to margin improvement
- TTM revenue growth of 9% shows an acceleration from the 5-year sales CAGR of 5%, suggesting improving business traction
- ROE has improved to 8% in the last year from a 5-year average of 7%, indicating gradual return profile improvement
- Insurance penetration in India remains low relative to global averages, providing a long structural growth runway for life insurers
- Parentage of Canara Bank (extensive branch network) and HSBC offers a strong bancassurance distribution channel advantage
- PE ratio of 110x is significantly elevated, demanding substantial future earnings growth to justify current valuations
- P/B ratio of 8.83x is steep for a company generating only 8% ROE, implying the stock prices in far more profitability than currently delivered
- 5-year compounded sales growth of just 5% reflects weak top-line momentum over a meaningful period
- 3-year average ROE of 8.08% is low for the life insurance sector, where peers often deliver mid-teens returns
- Earnings quality is a concern as other income of ₹85.3 Cr forms a notable component of reported profits
- Apparently low tax rate raises questions about the sustainability and quality of reported earnings
- Dividend yield of just 0.26% offers minimal income cushion despite the 32% payout ratio, a function of the high stock price relative to earnings
- 5-year compounded profit growth of only 6% underscores historically sluggish bottom-line expansion
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- IRDAI ₹1 crore misselling fine Sep 10
IRDAI penalized Canara HSBC Life ₹1 crore for policy misselling, citing violations of policyholder interest regulations. Regulatory action signals compliance gaps.
- CFO resignation after 7 years Aug 31
CFO Tarun Rustagi resigned effective Aug 31, 2026, with last working day Nov 24, 2026, ending a seven-year tenure that included the company's market listing. Leadership vacuum at a key finance role adds near-term uncertainty.
- HSBC IBU agency deal signed Aug 25
Canara HSBC Life entered a corporate agency agreement with HSBC IBU for insurance distribution in GIFT City. The related-party transaction at arm's length expands the company's distribution reach into the international financial services centre.
- ₹0.40 dividend approved at AGM Aug 20
Shareholders approved a ₹0.40 per share dividend for FY26 at the 19th AGM on Aug 20, 2026. FY27 related party transactions were also cleared, ensuring business continuity.
- Two independent directors reappointed Sep 9
Board reappointed Dr Kishore Kumar Sansi and Mr Supratim Bandyopadhyay as independent directors for three-year terms on Sep 9, 2026, subject to shareholder approval. Ensures board continuity and governance stability.
TL;DR: Canara HSBC Life is expanding distribution via a new HSBC IBU agency deal in GIFT City and maintaining shareholder returns with a ₹0.40 dividend. However, the ₹1 crore IRDAI fine for misselling raises compliance concerns, and the CFO's departure after seven years creates a leadership gap at a critical juncture. The trend is mixed — growth levers are intact but execution risks have risen with regulatory scrutiny and senior management transition to watch in coming quarters.
Quarterly Results
| Particulars | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,323 | 1,516 | 2,783 | 3,632 | 2,348 | 4,202 | 1,374 | 4,351 |
| Expenses | 3,317 | 1,539 | 2,749 | 3,625 | 2,332 | 4,272 | 1,258 | 4,351 |
| Operating Profit | 6 | -23 | 34 | 6 | 16 | -70 | 116 | 0 |
| OPM % | 0.2% | -1.5% | 1.2% | 0.2% | 0.7% | -1.7% | 8% | 0% |
| Other Income | 37 | 51 | 1 | 20 | 30 | 101 | -77 | 32 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 43 | 28 | 35 | 26 | 45 | 31 | 39 | 32 |
| Tax % | 15% | -4% | 8% | 10% | 10% | 10% | 10% | 11% |
| Net Profit | 37 | 29 | 32 | 23 | 41 | 28 | 35 | 28 |
| EPS in Rs | 0.39 | 0.31 | 0.34 | 0.25 | 0.43 | 0.29 | 0.37 | 0.3 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,074 | 9,253 | 8,496 | 8,435 | 11,841 | 10,710 | 11,556 | 12,275 |
| Expenses | 3,059 | 9,323 | 8,726 | 8,471 | 11,705 | 10,578 | 11,424 | 12,214 |
| Operating Profit | 15 | -71 | -230 | -36 | 136 | 131 | 132 | 61 |
| OPM % | 0.5% | -0.8% | -2.7% | -0.4% | 1.1% | 1.2% | 1.1% | 0.5% |
| Other Income | 104 | 184 | 256 | 155 | 11 | 19 | 29 | 85 |
| Interest | 6 | 6 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 8 | 13 | 17 | 19 | 23 | 22 | 20 | 0 |
| PBT | 105 | 95 | 10 | 100 | 124 | 128 | 141 | 146 |
| Tax % | 0% | 0% | 0% | 9% | 9% | 9% | 10% | — |
| Net Profit | 105 | 95 | 10 | 91 | 113 | 117 | 127 | 131 |
| EPS in Rs | 1.11 | 1 | 0.11 | 0.96 | 1.19 | 1.23 | 1.33 | 1.39 |
| Div. Payout % | 0% | 0% | 278% | 31% | 34% | 32% | 30% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 950 | 950 | 950 | 950 | 950 | 950 | 950 |
| Reserves | 239 | 330 | 340 | 403 | 469 | 567 | 655 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 250 |
| Other Liabilities | 14,757 | 21,306 | 25,925 | 29,957 | 37,332 | 41,397 | 46,201 |
| Total Liabilities | 15,946 | 22,586 | 27,215 | 31,310 | 38,751 | 42,914 | 48,057 |
| Fixed Assets | 32 | 37 | 70 | 73 | 77 | 42 | 31 |
| CWIP | 4 | 7 | 4 | 5 | 2 | 4 | 6 |
| Investments | 15,374 | 21,871 | 26,266 | 30,179 | 37,357 | 41,166 | 46,118 |
| Other Assets | 536 | 671 | 875 | 1,053 | 1,314 | 1,702 | 1,901 |
| Total Assets | 15,946 | 22,586 | 27,215 | 31,310 | 38,751 | 42,914 | 48,057 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | — | 2,340 | 1,998 | 2,592 | 2,310 | 1,208 | 3,534 |
| Investing | — | -2,236 | -1,929 | -2,518 | -2,045 | -714 | -3,666 |
| Financing | — | 0 | 0 | -28 | -48 | -19 | 212 |
| Net Cash Flow | — | 103 | 69 | 46 | 218 | 474 | 80 |
| Free Cash Flow | — | 2,319 | 1,980 | 2,568 | 2,283 | 1,197 | 3,523 |
| CFO/OP | — | -3,306 | -871 | -7,284 | 1,708 | 930 | 2,687 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Working Capital Days | -4 | -15 | -6 | -5 | -3 | -2 | -5 |
| ROCE % | — | 8% | 1% | 8% | 9% | 9% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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33 extracted metrics + investor summaries across FY20–FY27.
Documents
Frequently Asked Questions about Canara HSBC Life Insurance Company
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Company Information
Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. In 2008, Canara HSBC Life Insurance was a JV between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) and PNB (23%). In 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, PNB.[1]
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