Canara HSBC Oriental Bank of Commerce Life Insurance Company will observe its tenth anniversary in June and the company will break even for the first time at the end of this year, senior executives say.
The life insurance company was floated together by Canara Bank (51 per cent), Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings Limited (26 per cent), and received its licence from the regulator in June 2008. Gaurav Seth, the company’s chief financial officer, told Business Standard: “The last one year has been extremely good for us. In terms of our top-line growth the retail business has grown by over 35 per cent, and our premium growth, which includes renewals, has grown by over 21 per cent.”
