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Thursday, February 16, 2012

Canara HSBC Oriental Life to infuse Rs.300 crore
13 Apr 2010, 13-1 Hrs

Chennai, April 13 The Canara HSBC Oriental Bank of Commerce Life Insurance Company has decided to infuse Rs.300 crore this fiscal for operational expansion.

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Chennai, April 13 (IANS) The Canara HSBC Oriental Bank of Commerce Life Insurance Company has decided to infuse Rs.300 crore this fiscal for operational expansion.

Post-infusion, the company's equity will shoot up to Rs.925 crore, the company said Tuesday.

Canara HSBC Oriental Life is a three-way joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Ltd.

The life insurer closed the 2009-10 financial year with a gross premium of Rs.861.3 crore, up from Rs.298.73 crore earned in the previous year.

The company earned Rs.171.1 crore premium last March.

Canara HSBC Oriental Life operates on a purely bancassurance model, selling its products through 900 branches of shareholding banks. The three banks have a total branch network of 4,400 branches in the country.