51% rise in HSBC Profits

HSBC Oriental Bank of Commerce Life Insurance recently posted a 51 % increase in net profit at Rs. 168 crore in 2017-18.

The individual new business premium rose 34 per cent at Rs. 818 crore in 2017-18 from Rs. 613 crore in the previous fiscal, whereas, gross written premium also increased 21 % at Rs. 2,781 crore in 2017-18, against Rs. 2,295 crore in 2016-17.

“Assets under management stands at nearly Rs. 12,690 crore as on March 31, 2018,” it said in a release.

“We have been ahead of the industry, which has been growing at about 20 per cent and we plan to maintain it in 2018-19,” said Anuj Mathur, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance.

It also plans to explore more tie-ups with banks, NBFCs and brokers to deepen its presence. “We will not go to the agency model but will continue on bancassurance,” said Mathur.