Canara HSBC Life Insurance Company (CANHLIFE) Q4 23/24 earnings summary

Executive summary

• FY24 remained profitable for the 12th consecutive year: PBT rose 24% to ₹124 crore and PAT reached ₹113 crore; IEV grew 18% to ₹5,027 crore.

• Premium mix shifted sharply: renewal premium grew 21% to ₹4,228 crore, while total premium income was ₹7,129 crore, slightly below FY23.

• AUM rose 24% to ₹37,380 crore; solvency was 213%, above the 150% regulatory minimum.

Financial highlights

• Total premium income, gross of reinsurance, was ₹7,129 crore vs ₹7,197 crore in FY23; first-year premium was ₹1,694 crore vs ₹1,637 crore, and single premium ₹1,207 crore vs ₹2,079 crore.

• Renewal premium increased to ₹4,228 crore from ₹3,481 crore; retail weighted premium income reached ₹1,778 crore, up 4% YoY.

• PBT was ₹124 crore vs ₹100 crore; PAT was ₹113 crore vs ₹91 crore, and EPS was ₹1.19 vs ₹0.96.

• AUM reached ₹37,380 crore, up 24%; IEV was ₹5,027 crore, up 18%, and net worth was ₹1,419 crore vs ₹1,353 crore.

Outlook and guidance

• Priorities include strengthening market position, extending distribution, using data analytics for decisions, and maintaining focus on innovation, agility and customer experience.

• Management expects favorable regulation, rising protection awareness, group insurance, product innovation and stronger distribution channels to support industry growth and expansion opportunities.

• All regulatory approvals for a GIFT City branch were received; operations were expected to commence soon.

• Ind AS implementation is scheduled from 1 April 2026; a cross-functional steering committee and consultant are supporting preparations.