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Systematix Report
Brokerage firm Systematix has maintained Buy rating for Canara HSBC Life Insurance Co.Ltd. with a revised price target of Rs 180 (Rs 190 earlier) valuing the company at 1.7x on its FY28E EV per share of Rs 108 for a RoEV profile of 19.5%/19.1% for FY27E/FY28E.
Canara HSBC Life Insurance's calculated Q4 FY26 value of new business came in at Rs 2.1 billion (21.4% higher than estimates) up by 8.0% QoQ and 48.7% YoY. The total annualised premium equivalent was Rs. 700 crore (-20.3% below brokerage's estimate of Rs 880 crore), down by -29.8% QoQ but up 12.0% YoY.
The YoY growth in APE was driven by higher contribution from protection segment (+96.1% YoY), Non-par savings (+43.4% YoY) followed by annuity (+24.7% YoY). The ULIPs declined by -31.9% YoY in the APE terms. Growth within the traditional business was broadbased and supported by new product launches in both the participating (par) and non-participating (non-par) segments.
While Banca continues to remain the primary driver for business, the recently launched agency channel onboarded ~500 distributors and collected ~Rs 14 crore in APE terms in less than six months of its launch
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