Canara HSBC Life FY26: Growth, Mix Shift, and Margin Expansion
Frequently Asked Questions
FY26 individual WPI was 2,593.0 crore (19% YoY) and total APE was 2,798.7 crore (20% YoY). Renewal premium was 6,128.7 crore (25% YoY).
VNB increased to 627.3 crore (41% YoY) and VNB margin improved to 22.4% (FY25: 19.1%). PAT was 126.6 crore (FY25: 117.0 crore).
Embedded value was 7,233.3 crore at March 2026, with operating RoEV of 20.7%.
On APE basis, ULIP was 50.8% and traditional was 49.2%. On NBP basis, ULIP was 35%, protection 30%, traditional savings 13%, annuity 12%, par 6%, and group fund 4%.
FY26 channel mix on individual WPI was Canara 72%, HSBC 14%, other banks 6%, and others 8% (others includes DST, defence, digital and agency).
Management indicated a VNB margin range of around 22% to 23% for FY27.
Agency launched in Oct 2025. By Mar 2026, about 500 distributors were onboarded and about 14 crore APE was collected; management guided around 5% contribution from agency over the next three years.
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