Canara HSBC OBC Life clocks 82% growth in FY11 premium income

NEW DELHI: Canara HSBC Oriental Bank of Commerce Life Insurance today reported a 82 per cent growth in gross written premium at Rs 1,532 crore.

During March, the company garner a premium income of Rs 256 crore, which helped it position amongst the top 10 private players in terms of weighted new business premium income, Canara HSBC OBC Life said in a statement.

The company issued over 1.11 lakh policies in the fiscal. "The company's consistent growth is a result of the efficient bancassurance model of distribution, high quality sales..," Canara HSBC OBC Life Insurance CEO John Holden said.

In the current fiscal, the company will continue to focus on expanding its product portfolio to support the customers of distributor banks.

The life insurer is a joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia-Pacific) Holdings Ltd.

Currently, the company distributes its products through the branches of partner banks. "The company's achievements testify the strength of the bancassurance model in efficiently reaching both urban and rural customers along with the corporate segment of the distributing banks," the statement added.