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Business EconomyPosted at: May 15 2019 5:06PM


Canara HSBC OBC Insurance clears accumulated loss; earns profit of Rs 165 cr

New Delhi, May 15 (UNI) The Canara HSBC Oriental bank of Commerce Life Insurance Company Limited on Wednesday claimed that they have wiped off their accumulated losses and posted a net profit of Rs 165 crore in the fiscal year 2018-19 – a little bit lower from the previous year.
The insurance company has reported a net profit of Rs 168 crore in FY 2017-18.
“This is a great achievement for us as we have wipped off our accumulated losses,” Managing Director and CEO Anuj Mathur said while releasing the financial results here.
The company’s new business premium income, however, grew by 19 per cent at Rs 1460 crore in fiscal year 2018-19 as compared to Rs 1228 crore in previous year.
Its gross written premium also increased by 26 per cent to Rs 3491 crore in FY 18-19 from Rs 2781 crore in FY17-18, Mr Mathur said, adding that its Assets under Management (AUM) stood at Rs 14,854 crore as on March 31, 2019
He said the company’s overall claim settlement ratio is at 98 per cent and its solvency margin is 394 per cent as on March 31, this year.
“We have already Rs 950 crore capitalization and do not need to raise capital for next three years. Besides our solvency rate is very high,” Mr Mathur said when asked about the need of capitalization.
The company has also doubled the number of lives covered under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This year the number rose to 25.8 lakhs lives from 13.6 lakhs lives in 2017-18.
The insurance company has launched Webassurance which provides the banks’ customers a one-stop, online solution empowering customers to address their financial needs through a completely digital and paperless process on the Insurance Self Network Platform.
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