Canara HSBC Life Insurance Shares In Focus As Motilal Oswal Initiates 'Buy' Coverage — Check Target Price

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Motilal Oswal Report

Motilal Oswal has initiated coverage on Canara HSBC Life Insurance Company Ltd. with a Buy rating and a target price of Rs 180, implying an upside of 23% from the current market price of Rs 146.

The brokerage sees a multi-year compounding story anchored in a strong bancassurance engine, premium flows from HSBC, and disciplined agency expansion.

Canara HSBC Life is among India’s top-10 private life insurers, with a diversified product mix and a dominant banca-led distribution model.

Over FY15–25, the company delivered 22% APE CAGR, outperforming the industry and gaining market share.

Motilal Oswal expects annual premium equivalent/VNB CAGR of 20%/23% over FY25–28, supported by improving Canara Bank branch productivity, HSBC’s affluent customer base, and agency channel ramp-up.

Key risks include slower-than-expected branch activation, persistency challenges, and regulatory changes in banca commissions.

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