Canara HSBC's reported annual premium equivalent, NBV and margin largely in line with consensus. APE grew 11% YoY to Rs 66,400 crore in Q2 FY27, ahead of the industry though slower than Q1, while NBV grew 20% to Rs 14, 200 crore and the NBV margin rose 170 bps YoY to 21.4%, on the shift to traditional and a yield-curve benefit.
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Nirmal Bang Report
Nirmal Bang has maintained its 'Buy' rating on Canara HSBC Life Insurance Ltd., after the company posted its September ending quarter results, and has cut its target price to Rs 185 from previously Rs 205, implying a potential uspide of 33%; solvency at 180% is the key watch item, to be supported by a planned sub-debt raise, adds the brokerage.
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The company's reported annual premium equivalent, NBV and margin largely in line with consensus. APE grew 11% YoY to Rs 66,400 crore in Q2 FY27, ahead of the industry though slower than Q1, while NBV grew 20% to Rs 14, 200 crore and the NBV margin rose 170 bps YoY to 21.4%, on the shift to traditional and a yield-curve benefit.
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With its full year expense of the management near 18%, versus the regulator's 15% target, Nirmal Bang sees Canara HSBC as less exposed than peers to the proposed distribution and commission regulations.
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