Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited – a partnership between two of India’s largest public sector banks, Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings Limited – reported Rs298.7 crore (US$60.25 million) in gross written premiums for the nine months ended 31 March 2009. The company’s sales have risen progressively since its launch in June 2008, reaching Rs76.2 crore (US$15.37 million) of gross written premiums in the month of March 2009.
“This achievement is the result of the commitment of our shareholders and staff in ensuring the launch of the company was one of the most successful of any private insurer,” says Harpal Karlcut, chief executive officer of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited. “The encouraging early sales performance of our business indicates the scale of untapped potential among the customer bases of our large shareholders, Canara Bank, Oriental Bank of Commerce and HSBC in India.
“I’m particularly pleased at the broad spread of customers who have purchased our insurance products, including those from the rural and social sectors where the regulatory minimum required levels of sales have been exceeded. Many such customers already have banking relationships with our partner banks, given their extensive branch networks. Add to that HSBC’s global expertise in bancassurance, and we have a winning combination for Canara HSBC Oriental Bank of Commerce Life Insurance Company.
“With the continued volatility in financial markets impacting the life insurance industry, the strengths of our partners have appealed to customers seeking to make long-term financial commitments.”
D.C.