CH
Canara HSBC Life
Mainboard₹2,518 Cr issue
0.00%
Listing gain over issue price
Issue size
₹2,518 Cr
1 lot at cut-off
₹14,840
Lot size
140shares
Allotment
15 Oct 2025
Listing
17 Oct 2025
Listing performance
Issue price
₹106
Listed at
₹106
Listing-day close
₹111.50
Latest price
₹141.82
Listing gain
0.00%
Return since listing
+33.79%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹3
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 17 Oct 2025 | ₹3 | +2.83% | ₹300 | ₹109 | ₹420 |
| 16 Oct 2025 | ₹2.50 | +2.36% | ₹300 | ₹108.50 | ₹350 |
| 15 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹106 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 17 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹106 per share
- Lot size
- 140 shares
- Total issue size
- ₹2,518 Cr
- Market cap at offer price
- ₹10,070 Cr
- Promoter holding
- 77.00% → 62.00% pre-issue → post-issue
- ISIN
- INE01TY01017
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- SBI Capital Markets Ltd.
- Registered office
- 8 th Floor, Unit No.808-814, Ambadeep Building, Kasturba Gandhi Marg, Connaught Place, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 7,07,85,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 140 shares per lot, in multiples, at ₹106
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 140 | ₹14,840 |
| Retail (max) | 13 | 1,820 | ₹1,92,920 |
| S-HNI (min) | 14 | 1,960 | ₹2,07,760 |
| S-HNI (max) | 67 | 9,380 | ₹9,94,280 |
| B-HNI (min) | 68 | 9,520 | ₹10,09,120 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
7,07,85,000
Anchor portion
₹750 Cr
at ₹106 per share
Valuation and performance
Valuation at offer price
₹106 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.23 | 0.99 |
| P/E (×) | 86.18 | 107.07 |
| Price to book (×) | 6.64 | — |
| Market cap | — | ₹10,070 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 7.97%
- NAV per share
- ₹15.97
- Price to book
- 6.64
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Canara HSBC Life
Canara HSBC Life Insurance Company Limited was incorporated on September 25, 2007 as 'Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited' and received its certificate of commencement of business on January 28, 2008. The company's name was changed to 'Canara HSBC Life Insurance Company Limited' in June 2022. It is promoted by Canara Bank, one of India's four largest public sector banks by total assets, and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. According to the CRISIL Report, the company's individual weighted premium income grew third highest amongst bank-led insurers between Fiscal 2022 and 2025, with a market share of 1.81% in terms of individual weighted premium income as at March 31, 2025. The company earns revenue primarily through life insurance premiums from both new business and renewal business, with its largest distribution channel being bancassurance, particularly through Canara Bank and HSBC India.
Company Analysis
from RHPCanara HSBC Life Insurance Company Limited is a private life insurance company in India, operating in the life insurance industry through bancassurance distribution channels and direct channels.
Canara HSBC Life Insurance Company Limited was incorporated on September 25, 2007 as 'Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited' and received its certificate of commencement of business on January 28, 2008. The company's name was changed to 'Canara HSBC Life Insurance Company Limited' in June 2022. It is promoted by Canara Bank, one of India's four largest public sector banks by total assets, and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. According to the CRISIL Report, the company's individual weighted premium income grew third highest amongst bank-led insurers between Fiscal 2022 and 2025, with a market share of 1.81% in terms of individual weighted premium income as at March 31, 2025. The company earns revenue primarily through life insurance premiums from both new business and renewal business, with its largest distribution channel being bancassurance, particularly through Canara Bank and HSBC India.
Life Insurance
Objects of the Issue
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges; and carry out the Offer for Sale p.26
- Offer for Sale of Equity Shares by Selling Shareholders ₹[●] million (up to 237,500,000 Equity Shares of face value ₹10 each) p.85
- Not specified in this section of document - Objects of Offer would typically be found in the formal Offer section which is not included in this extract (pages 207-265)
- General corporate purposes
Issue Structure
- Total Issue
- Up to 237,500,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 237,500,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (to be determined)
- Lot Size
- [●] Equity Shares (minimum bid lot to be decided)
- Face Value
- ₹10 each
Business Model
The company operates as a life insurance provider earning revenue through (1) new business premiums from life insurance policies sold through its distribution channels; (2) renewal premiums from existing policyholders; (3) investment income from its portfolio of assets. The company's primary distribution channel is bancassurance, with Canara Bank and HSBC India representing 80.38% of new business premium in Fiscal 2025, supplemented by relationships with seven regional rural banks and other distribution channels.
Business Segments
Provides policyholders with both a guaranteed benefit and a share of the Company's profits from the Participating Fund, distributed as bonuses
Offers guaranteed fixed returns as savings plans to policyholders
Offers insurance coverage as protection plans
Combines insurance protection with investment options linked to market performance
Provides guaranteed income stream to policyholders after retirement or at maturity
Provides group protection plans including credit life plans for employee groups and Self Help Groups
Provides Pradhan Mantri Jeevan Jyoti Bima Yojana coverage under a government policy
Provides life insurance products including participating and non-participating plans to individuals and groups, with premium income being the primary revenue source
Provides unit-linked insurance plans combining insurance protection with market-linked investment returns
Offers individual life insurance products including protection plans, savings products, unit-linked insurance plans, annuity products, and health-related insurance products to individual customers
Provides group life insurance products including group term life insurance, gratuity, superannuation, credit life insurance, and affinity insurance to employers, professional organizations, and other associations
Provides individual life insurance products including unit-linked investment plans (ULIPs), non-participating savings products, participating products, annuity plans, and term (pure protection) insurance
Provides group insurance products for corporate and organizational customers including group protection plans and group credit life plans
Products where surplus is shared with policyholders in the form of bonuses, offering minimum guaranteed amounts payable upon death or maturity
Products offering benefits guaranteed in absolute terms, transferring risk of guarantees and returns to the life insurance company
Basic life insurance plans providing insurance coverage and financial security, also known as term plans, providing life coverage extended up to 99 years of age
Products offering combination of investment and protection where customers choose life cover levels and select from range of funds investing in underlying asset classes
Immediate annuity products to help fund retirement where annuity payments continue for life in return for lump sum payment upfront
Life insurance coverage to groups with sum assured payable to member's nominee upon death; includes credit life plans designed to pay off borrower's outstanding debts on death or accident
Group solutions securing employees with savings and retirement benefits including group gratuity, superannuation and leave encashment options
Government-backed scheme providing life cover of ₹0.2 million for death due to any reason to people aged 18-50 years at premium of ₹436 per annum
Develops and markets various products in life insurance business including unit-linked plans, participating and non-participating policies, annuities, and periodic benefit products through multiple distribution channels.
Unit-linked life insurance products where policy benefits are linked to the performance of selected investment funds
Unit-linked pension products where retirement benefits are linked to fund performance
Traditional participating life insurance policies where policyholders share in the profits through bonuses
Traditional non-participating life insurance products with fixed returns and benefits
Traditional pension products with guaranteed returns and fixed benefit structures
Health insurance products with guaranteed benefits and fixed structures
Offers non-participating and participating savings products with guaranteed benefits on death and maturity
Offers unit-linked insurance plans with investment-linked returns and guarantees
Provides group credit life insurance and renewable group term assurance products
Offers annuity products providing regular income to policyholders
SWOT Analysis
Strengths
- • Strong promoter backing with leading institutions(p.24)
- • High growth rate among peer insurers(p.24)
- • Significant market share in life insurance industry(p.24)
- • Extensive bancassurance distribution network(p.43)
- • Strategic pivot to higher-margin non-fund based business with strong premium growth(p.48)
- • Diversified product portfolio across individual and group segments with multiple product types(p.48)
- • Strong multi-channel distribution network with substantial contribution from bancassurance partners(p.64)
- • Significant growth in Assets Under Management with strong CAGR(p.48)
- • Established promoter backing and trusted brand(p.131)
- • Pan-India multi-channel distribution network(p.131)
- • Consistent profitable financial performance(p.131)
- • Diversified product portfolio with customer-centric focus(p.131)
- • Technology-integrated platform with digital analytics(p.131)
- • Strong position as bank-led life insurer with consistent premium growth(p.189)
- • High claim settlement ratio demonstrating operational efficiency(p.198)
- • Operating expense ratio lower than industry peers due to efficiency(p.198)
- • Improving persistency ratios indicating strong customer retention(p.200)
- • Strong parentage from Canara Bank (4th largest PSU bank) and HSBC, providing brand credibility and customer base access(p.255)
- • Extensive bancassurance distribution network with 15,700+ branches across 9 states providing significant geographic reach(p.260)
- • Fastest improvement in 13-month persistency ratio among bank-led insurers with 721 basis point improvement in 3 years(p.256)
- • Strong profitability track record with PAT growing at 13.26% CAGR from FY23 to FY25; among fastest to profitability in 5 years(p.255)
- • Advanced technology platform with 67% straight-through processing and 99.70% digital application processing(p.256)
- • Experienced and stable management team with 12-year average KMP tenure, highest among PSU-backed insurers(p.248)
- • Third highest among PSU bank-led insurers by lives covered and strong claims settlement ratio of 99.38%(p.263)
- • Strong technology and digital transformation capabilities(p.268)
- • Advanced AI-driven underwriting and claims systems(p.295)
- • Diversified multi-channel distribution network(p.279)
- • Strong partnership with Canara Bank (largest distribution channel)(p.283)
- • Established track record and profitability history(p.269)
- • High death claims settlement ratio demonstrating operational efficiency(p.286)
- • Strong embedded value and profitability milestone(p.269)
- • Early profitability achievement in life insurance sector(p.320)
- • Strong embedded value growth demonstrating business quality(p.320)
- • Substantial asset base and insurance coverage(p.320)
- • Significant premium scale in bancassurance model(p.320)
- • Recognition as leading employer and workplace(p.321)
- • Strong brand recognition and awards(p.322)
Weaknesses
- • Heavy dependence on single bancassurance partner(p.43)
- • Reliance on non-exclusive bancassurance agreements(p.43)
- • Volatility in persistency metrics(p.45)
- • Declining solvency ratio trend(p.47)
- • Contingent liabilities represent significant portion of net worth(p.29)
- • Declining solvency ratio over three-year period reduces financial cushion(p.53)
- • History of regulatory non-compliance with multiple charges and penalties imposed(p.53)
- • Significant contingent liabilities not provided for in financial statements(p.80)
- • Prior experience of negative operating cash flows from insurance operations(p.55)
- • Dependence on two primary distribution partners for majority of new business premium(p.64)
- • Outstanding IRDAI inspection observations not yet formally closed(p.48)
- • Untraceable corporate records and compliance errors(p.120)
- • No proceeds to company from offer(p.95)
- • Dependence on related party transactions with potential conflicts of interest(p.85)
- • Promoter concentration risk(p.115)
- • Lower profitability metrics compared to larger peers(p.137)
- • Smaller scale relative to major competitors(p.191)
- • High dependency on bancassurance channel which accounted for 87.07% of NBP in FY25, creating concentration risk(p.255)
- • Lower branch productivity compared to peers; at Rs 2.1 million per branch vs peer average of Rs 5.1 million(p.238)
- • Modest market share at 1.81% as at March 31, 2025 compared to larger competitors(p.267)
- • Relatively lower ROE at 7.71% for FY25 compared to some peers like SBI Life at 14.21%(p.251)
- • High dependence on Canara Bank for premium generation(p.280)
- • Declining direct sales channel contribution(p.281)
- • Significant reduction in group fund-based business(p.281)
- • Declining persistency ratios at higher durations(p.285)
- • Heavy dependence on promoter bancassurance channel(p.348)
- • Promoter lock-in and control restrictions post-IPO(p.323)
- • Concentrated distribution through limited channels(p.349)
Opportunities
- • Industry growth trajectory in life insurance(p.24)
- • Digital technology adoption improving customer experience(p.24)
- • Expansion through additional bancassurance branches(p.43)
- • Potential increase in foreign investment limits(p.47)
- • Low insurance penetration in India with significant growth potential compared to peer economies(p.74)
- • Expansion of emerging distribution channels to diversify revenue streams(p.82)
- • Growth through increased proportion of high-margin products in product mix(p.48)
- • Regulatory environment conducive to industry growth with proposed market liberalization(p.47)
- • Listing benefits for brand visibility and liquidity(p.126)
- • GST exemption improving affordability for individual policyholders(p.88)
- • Increased foreign investment limits in insurance sector(p.93)
- • Rising demand for protection and annuity products(p.203)
- • Growing digital adoption enabling market expansion(p.188)
- • Strong growth trajectory in Indian life insurance sector(p.188)
- • Expanding middle-income population supporting life insurance demand(p.182)
- • Rising urbanization driving insurance penetration(p.175)
- • Significant under-penetration in Indian life insurance market with penetration at 2.8% vs 5.0-7.4% in other Asian countries(p.259)
- • India's protection gap of 83% presents massive growth opportunity with only $17 of insurance coverage per $100 of protection need(p.216)
- • Industry projected to grow at 8-10% CAGR through FY28 with total premium expected to cross Rs 11 trillion(p.211)
- • Bank-led insurers expected to grow faster at 10-12% CAGR vs overall industry 8-10% growth(p.211)
- • Rising per capita income with India's per capita income expected to grow at 5.6% CAGR from FY25-27 driving insurance demand(p.213)
- • IRDAI reforms expanding composite licensing and reducing compliance burden enabling faster product launches and operational efficiency(p.207)
- • Increasing digitization and fintech opportunities with growing internet penetration and financial literacy(p.217)
- • Government financial inclusion initiatives like PMJJBY with 201 million cumulative enrollments as of FY25 expanding addressable market(p.211)
- • Expansion of unit-linked products to capture growing market(p.268)
- • Strengthened protection portfolio with competitive offerings(p.268)
- • Digital marketing and social media expansion(p.268)
- • Growth in regional rural bank partnerships for financial inclusion(p.283)
- • International expansion through IFSC GIFT City operations(p.302)
- • Balanced product portfolio strategy to enhance profitability(p.268)
- • Expansion into new distribution channels beyond bancassurance(p.314)
- • Strategic partnerships and alliances for growth(p.314)
- • Growing life insurance market and penetration(p.320)
- • Digital capabilities and technology-driven customer engagement(p.322)
- • Research and development in insurance technology(p.314)
Threats
- • Regulatory risk from complex insurance sector regulations(p.45)
- • Bancassurance partner merger risk impacting distribution(p.43)
- • Policy surrender risk from regulatory changes(p.44)
- • Market competition from multiple insurers(p.19)
- • Investment performance risk affecting customer retention(p.44)
- • Intense competition from larger life insurers and new market entrants(p.77)
- • Interest rate fluctuations expose profitability of guaranteed return products to significant risk(p.58)
- • Regulatory changes increasing compliance costs and operational constraints(p.47)
- • Catastrophic events with unpredictable frequency and severity expose to large claims(p.62)
- • Concentration risk with limited reinsurance market counterparties(p.66)
- • Dependence on key licensor agreements with risk of termination or non-renewal(p.55)
- • Global economic uncertainty and volatility affecting demand(p.86)
- • Seasonal fluctuations in insurance volumes and results(p.87)
- • Natural disasters, pandemics, terrorism and civil unrest(p.87)
- • Regulatory changes and compliance uncertainties(p.87)
- • GST input tax credit unavailability increasing operational costs(p.87)
- • US tariff measures and trade tensions affecting Indian economy(p.88)
- • High inflation eroding consumer disposable income(p.90)
- • Competition law enforcement and acquisition scrutiny(p.90)
- • Intense competition from larger established players in the market(p.189)
- • Regulatory changes impacting product demand and taxation(p.202)
- • Global economic uncertainty and tariff impacts affecting growth(p.168)
- • Rising mis-selling concerns across the industry(p.202)
- • Competition from other financial savings instruments including mutual funds, bank deposits and physical savings reducing insurance penetration(p.225)
- • Entry of new fintech and insurtech players and composite licensing enabling more competition with lower regulatory barriers(p.225)
- • Regulatory risks from frequent changes in insurance regulations and taxation impacting profitability(p.211)
- • GST exemption on insurance policies removes input tax credits, creating potential profit margin pressure(p.211)
- • Increased surrenders from new IRDAI special surrender value rules effective April 2024 impacting cash flows and profitability(p.211)
- • Claims fraud and operational risks from digitization and rising mortality assumptions requiring significant underwriting adjustments(p.225)
- • Persistency and customer retention challenges requiring high acquisition costs to maintain growth(p.225)
- • Intense competition from large peer insurers(p.299)
- • Regulatory changes to foreign investment limits(p.303)
- • Risk of increased regulatory requirements and compliance burden(p.303)
- • Mortality and persistency experience risks(p.297)
- • Interest rate and investment market volatility(p.297)
- • Regulatory constraints on outsourcing critical functions(p.308)
- • Regulatory changes in foreign ownership rules affecting capital structure(p.323)
- • Regulatory restrictions on promoter director nominations(p.323)
- • Statutory compliance and regulatory demands(p.367)
- • Contingent liabilities from policy-related claims(p.367)
- • Competitive intensity in life insurance sector(p.314)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Canara Bank | Promoter/Promoter Selling Shareholder | 51.00% | — |
| HSBC Insurance (Asia-Pacific) Holdings Limited | Promoter/Promoter Selling Shareholder | 26.00% | — |
| Canara Bank | Promoter | — | — |
| HSBC Group Management Services Limited | Promoter Group | — | — |
| Canara Bank | Promoter | 51.00% | — |
| HSBC Insurance (Asia-Pacific) Holdings Limited | Promoter | 26.00% | — |
| Canara Bank | Promoter | 51.00% | — |
| HSBC Insurance (Asia-Pacific) Holdings Limited | Promoter | 26.00% | — |
| Canara Bank | Promoter | — | — |
| HSBC Group Management Services Limited | Promoter | — | — |
| Canara Bank | Promoter | 51.00% | — |
| HSBC Insurance (Asia-Pacific) Holdings Limited | Promoter | 26.00% | — |
| Canara Bank | Promoter | 51% | 51% |
| HSBC Insurance (Asia-Pacific) Holdings Limited | Promoter Group | 26% | 26% |
| Punjab National Bank | Promoter Group | 23% | 23% |
| Canara Bank | Promoter/Promoter Selling Shareholder | — | — |
| HSBC Insurance (Asia-Pacific) Holdings Limited | Promoter/Promoter Selling Shareholder | — | — |
| Canara Bank | Promoter | — | — |
| HSBC Insurance (Asia-Pacific) Holdings Limited | Promoter | — | — |
| India Nippon Asset Management Limited (INAH) | Promoter | — | — |
| Punjab National Bank | Selling Shareholder | — | — |
Leadership
Anuj Dayal Mathur · Managing Director and Chief Executive Officer
Tarun Rustagi · Chief Financial Officer
Vatsala Sameer · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.