Canara HSBC Life Insurance gets Sebi nod for for its proposed IPO

State-owned Canara Bank on Monday said its subsidiary, Canara HSBC Life Insurance Company Ltd, has received capital market regulator Sebi's nod for its proposed initial public offering (IPO).

Canara HSBC Life Insurance has received communication from the Securities and Exchange Board of India (Sebi) vide letter dated September 15 on final observations and for filing Updated Red Hearing Prospectus (UDRHP), Canara Bank said in a regulatory filing.

The offer comprises an offer for sale of up to 23.75 crore shares of face value of Rs 10 each, including up to 13.77 crore shares by Canara Bank, up to 47 lakh shares by HSBC Insurance (Asia-Pacific) Holdings and up to 9.5 crore shares by Punjab National Bank.

Canara HSBC Life Insurance Company is a three-way venture promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, a member of The Hongkong and Shanghai Banking Corporation Ltd (HSBC) group, and another state-owned lender Punjab National Bank (PNB).

The company had the third-highest assets under management (AUM) amongst public sector-promoted led life insurers, as of March 31, 2024.

Incorporated in 2007, Canara HSBC Life Insurance Company has grown into a prominent bank-led private player in the Indian life insurance sector as it ranks second amongst public sector bank-led life insurers in India based on the number of lives covered for Fiscal 2024.

The Annualised Premium Equivalent (APE) of the company has consistently grown, reflecting efforts to expand products and services and increase market presence, as per the DRHP filed by the insurer.

The profit after tax of the company has increased at a CAGR of 232.61 per cent from Rs 10.2 crore in Fiscal 2022 to Rs 113.3 crore in Fiscal 2024 and was Rs 84.8 crore in the nine months ended December 31, 2024, it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)