Canara HSBC Life Insurance Company (CANHLIFE) Q3 25/26 earnings summary

Executive summary

• 9M FY26 individual WPI rose 20% YoY to ₹19,153 Mn; total premium increased 32% to ₹69,314 Mn, with persistency improving across reported cohorts.

• 9M individual WPI growth outpaced private players at 22% and the industry at 10% in Q3; growth was supported by unit-linked demand, protection and annuity expansion.

Financial highlights

• 9M total APE rose 22% YoY to ₹20,950 Mn; renewal premium grew 34% to ₹40,019 Mn.

• 9M VNB rose 37% to ₹4,129 Mn; reported margin increased to 19.7% from 17.6% YoY.

• 9M PAT was ₹9,188 lakh, up 8% YoY; excluding the ₹870 lakh Labour Codes charge, PAT growth was 19%.

• Total AUM reached ₹469 Bn, up 17% YoY; Indian embedded value was ₹6,858 crore, up 17% YoY.

• Q3 net investment income was ₹130,433 lakh versus a loss of ₹51,610 lakh YoY; 9M income was ₹331,673 lakh, supported by higher equity-market returns.

Outlook and guidance

• FY26 VNB margin impact from GST is expected at 185 bps after management actions, versus 225 bps previously estimated; some actions remain in progress.

• FY-end product mix is expected to shift to ~55% ULIP and 45% traditional products; protection is targeted to reach a double-digit share of sales over time.

• Strategic focus includes profitable growth through product balance, efficiency, distribution expansion, analytics and risk governance; persistency is expected to improve more gradually.

• Agency expansion will be phased; initial margin strain is expected to be offset by protection growth, riders, volume and operating efficiencies.