Canara HSBC OBC Life Insurance clocks Rs 23 crore profit in FY'13

NEW DELHI: Private sector Canara HSBC Oriental Bank of Commerce Life Insurance today reported maiden profit of Rs 23.5 crore for the fiscal ending March 2013.

The company garnered a premium income of Rs 344 crore in March. It closed the 2012-13 fiscal with Rs 1,912 crore in premium income, the life insurer said in a statement.

The company has issued over 3.90 lakh policies since its launch five years ago.

"Strong focus on need-based selling and regular collection of renewal premiums has ensured that the business remains stable and sustainable," it said, adding that the company became profitable in the fifth year of operation.

"Bringing together three great banks with an integrated insurance proposition means that we can be confident of the product offering, systems and customer service," Canara HSBC OBC Life Insurance Chairman R K Dubey said.

The life insurer has a solvency ratio at 384 per cent, as against the regulatory requirement of 150 per cent.