Canara HSBC Oriental Bank of Commerce Life Insurance reports 22% rise in net profit at Rs 126 crore for FY16
Canara HSBC Oriental Bank of Commerce Life Insurance Company reported Rs 126 crore net profit in 2015-16, a 22% rise over Rs 103 crore netted in the previous financial year.
By Atmadip Ray, ET Bureau | Updated:
KOLKATA: Canara,HSBC, Oriental Bank of Commerce, Life Insurance Company reported Rs 126 crore net profit in 2015-16, a 22% rise over Rs 103 crore netted in the previous financial year.
The insurance company said its gross written premium stands at Rs 506 crore at the end of March 2016 against Rs 332 crore a year back.
Its operating expenses ratio improved to 13 % as compared to 16% last year, as a result of cost rationalization initiatives undertaken during the year.
"We have undertaken various strategic initiatives during the year to progress on the growth path which primarily focused on increasing the sales capacity across our partner banks distribution network and in conjunction scaling up our support structure," said chief executive officer Anuj Mathur.
The insurance company said its gross written premium stands at Rs 506 crore at the end of March 2016 against Rs 332 crore a year back.
Its operating expenses ratio improved to 13 % as compared to 16% last year, as a result of cost rationalization initiatives undertaken during the year.
"We have undertaken various strategic initiatives during the year to progress on the growth path which primarily focused on increasing the sales capacity across our partner banks distribution network and in conjunction scaling up our support structure," said chief executive officer Anuj Mathur.
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