Canara HSBC Life Insurance Company Limited, a leading bank-led private life insurer, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).
The proposed IPO is an Offer for Sale of up to 237.5 million equity shares of face value ₹10 each, comprising up to 137.75 million shares by Canara Bank (Promoter), 4.75 million shares by HSBC Insurance (Asia-Pacific) Holdings Limited (Promoter), and up to 95 million shares by Punjab National Bank (Investor).
Promoted by Canara Bank, India’s fourth-largest public sector bank (as of Dec 31, 2024), and HSBC Insurance (Asia-Pacific), a part of the globally recognized HSBC Group, the company is among the top five bank-led life insurers in India by number of lives covered in FY24 (CRISIL Report). It also had the third-highest Assets Under Management (AUM) among public sector-promoted life insurers as of March 31, 2024.
Incorporated in 2007, the company has consistently grown its Annualised Premium Equivalent (APE) and ranks second among public sector bank-led life insurers by number of lives covered for FY24. Profit after tax grew at a CAGR of 232.61%, from ₹102.43 million in FY22 to ₹1,133.17 million in FY24, with ₹848.93 million reported for the nine months ended December 31, 2024.
The equity shares are proposed to be listed on BSE and NSE. SBI Capital Markets, BNP Paribas, HSBC Securities, JM Financial, and Motilal Oswal Investment Advisors are the Book Running Lead Managers to the issue.
