Small Insurance
Market Cap
₹12,948 ₹12,948 Cr.
P/E
96.94
PEG
4.20
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

Base‑case revenue is driven by steady APE growth (~12% CAGR) and gradual VNB margin expansion as the GST headwind is absorbed; protection mix rising from 7% to 10% is the critical margin lever.

The bull case requires protection to reach 12%+ of APE by FY28 and the agency channel to scale to ₹500+ Cr APE, together delivering outsized VNB accretion and pushing total premium growth above 17% CAGR.

The bear case materializes if the GST margin hit exceeds 200 bps permanently, solvency falls below 170% forcing equity dilution, and Canara Bank branch productivity stagnates, limiting total premium growth to ~6.6%.

Key Ratios

Debt to Equity
Debt to Equity
0.16
Div Yield (%)
Div Yield (%)
0.29
Individual < 2 lac
Individual < 2 lac
2.07 %
Institutions
Institutions
35.10 %
Market cap
Market cap
12,948 Cr
No. of Shareholders
No. of Shareholders
84,466
OPM (%)
OPM (%)
-
PE
PE
96.94
Prom Holding
Prom Holding
62.00 %
ROCE (%)
ROCE (%)
8.35
ROE (%)
ROE (%)
8.11
Sales
Sales
-
  • Canara HSBC Life Ins
  • SBI Life Insurance
  • HDFC Life Insurance
Last updated on 9 Oct 2026
  • Canara HSBC Life is a bank-led individual life insurer selling unit-linked, savings, annuity and protection policies mainly through promoter banks.
  • Profit growth comes from traditional savings and protection, now 59% of new business. Unit-linked sales still drive volatility through equity market moves.
  • It sells 92-93% of new business through promoter banks Canara Bank and HSBC. Per management, its cost base is lean and commissions are very moderate.
  • It is shifting toward protection and traditional savings and building an agency network alongside bank sales.
  • The latest quarter's headline fell because of equity market losses in unit-linked funds. New business value still grew on traditional and protection mix.
  • Solvency at 180%, down from 198%, constrains capital-heavy growth. Near-term profit depends on subordinated debt, not equity, while holding 21.3% margins.
  • It paid a Rs1Cr insurance regulator penalty for policyholder-interest lapses. Further directions from the order are still to be complied with.
  • Solvency trajectory ongoing
    solvency holds above 175% or slips further. The planned subordinated debt lifts it on completion.
  • GST exemption normalisation FY27 onwards
    the new-business margin recovers toward 22% on stronger traditional and protection mix.
  • Rs287.5Cr subordinated debt issue Q3FY27
    the issue completes and lifts solvency above 180%. Coupon and tenor compare with the earlier Rs250Cr issue.
  • Agency network build-out phased over 2-3 years
    new agency sales add to growth. Agency spending pressures the expense ratio.
  • Distribution and expense rules No timeline
    final rules set commission caps and the expense timeline. They decide the benefit management expects.
Price Range

See where the stock is trading versus its 52-week high and low.

Low
106
52W Range
High
167
Timeline

Key company specific updates.

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Revenue mix

Product Wise Break-Up

Location Wise Break-Up

AUM Break-Up

Operational Metrics

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    • Annualized Premium Equivalent (APE) - Quarterly (Crs)
    • Value of New Business (VNB) - Quarterly (Crs)

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