Investec has initiated coverage on Canara HSBC Life Insurance with a ‘Buy’ rating and a target price of Rs 225, calling it a “mispriced opportunity” and a relatively low-risk way to play India’s structural life insurance growth.
Canara HSBC Life Insurance Co's share recently got listed on the exchanges in Oct. However, they made an underwhelming debut on the stock market, listing at its IPO price. The scrip opened at Rs 106 on the NSE and BSE, the same as the issue price. The stock climbed nearly 3% after listing.
The company reported an 11% rise in net profit to Rs 41 crore in the September quarter of the current fiscal. The insurer had recorded a net profit of Rs 37 crore in the year-ago quarter.
The total income of the insurance firm promoted by Canara Bank came down to Rs 2,349 crore during the quarter under review, compared to Rs 3,335 crore a year ago.
The company collected a net premium of Rs 2,260 crore in the July-September period, up from Rs 1,829 crore in the year-ago period.
Canara HSBC Life Insurance is a private life insurer in India, jointly promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, a member of the HSBC Group. The company ranked third in assets under management among public sector bank-promoted life insurers as of March 31, 2025.
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