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India’s life insurance industry represents a dynamic sector with bank-led insurers achieving premium growth of 16.4% and 13.9% in FY23-24, while non-bank led players recorded higher growth at 16.2% and 18.9% respectively. New business premium witnessed expansion with bank-led players growing at 18.3% CAGR and non-bank led at 14.7% CAGR during FY14-25, driven by increasing adoption of digital technologies including online platforms and mobile apps that improved customer experiences and operational efficiency. Despite growth, India’s life insurance penetration remains underinsured at 2.80% of GDP versus Asian markets like Thailand (3.40%), South Korea (5.00%), and Singapore (7.40%), while insurance density stands at USD 70 per capita. The sector is positioned for sustained expansion supported by favourable demographics including 381.5 million individuals aged 15-29 years, life expectancy rising to 74-75 years by FY50, and 83% protection gap, positioning life insurance as critical financial security enabler for India’s growing population.
| IPO Open Date | Sep 10, 2025 |
| IPO Close Date | Oct 14, 2025 |
| Price Band | ₹100– ₹106 per share |
| Lot Size | 140 shares |
| Issue Size | ₹25,175 million |
| Listing At | BSE, NSE |
| Tentative Listing Date | To be announced |
Canara HSBC Life Insurance Company Limited, incorporated in 2007 and headquartered in New Delhi, is a prominent private life insurer promoted by Canara Bank (fourth largest public sector bank by total assets) and HSBC Insurance (Asia-Pacific) Holdings Limited (second largest foreign bank in India). The company ranks third amongst bank-led life insurers by lives covered and achieved third highest individual weighted premium income growth between FY22-25, with second highest year-on-year growth for FY25. With 1.81% market share and Embedded Value of ₹63,526.41 million as on Q1FY26, covering 10.51 million lives and maintaining solvency ratio of 200.42%, Canara HSBC operates through distribution network of over 15,700 branches across India, with bancassurance accounting for 92.33% of new business premium.
Canara HSBC Life Insurance demonstrated strong financial performance, with Individual Weighted Premium Income (WPI) growing at an impressive CAGR of 14.65% over FY23-FY25 to reach ₹21,786.83 million in FY25, up from ₹16,575.69 million in FY23, reflecting the company’s strong market penetration and expanding customer base across its bancassurance network. Annualized Premium Equivalent (APE) increased significantly at a CAGR of 11.44% over the period to ₹23,393.88 million in FY25, demonstrating sustained business growth and customer acquisition momentum. PAT rose at a CAGR of 13.26% from ₹911.94 million in FY23 to ₹1,169.81 million in FY25, showcasing consistent bottom-line growth and operational excellence. The company maintained robust operational metrics with a VNB margin of 19.07% and Operating RoEV of 19.53% in FY25, while Assets Under Management grew at a CAGR of 16.74% to ₹411,664.11 million in FY25, reaching ₹436,394.98 million by Q1FY26. Strong persistency ratios of 82.54% (13th month) and 57.74% (61st month), combined with a claim settlement ratio of 99.38%, highlight the company’s superior customer retention, operational efficiency and financial strength in India’s rapidly expanding life insurance sector.
Objects of the issue:
- Offer For Sale – INR 25175 million
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