CANARA HSBC OBC LIFE CONFERRED WITH INSURER OF THE YEAR

Private sector insurer Canara HSBC Oriental Bank of Commerce Life Insurance Company has been conferred with the prestigious – Life Insurance Company of the Year Award 2013, at the Indian Insurance Awards 2013 held on Tuesday.

Canara HSBC OBC Life Insurance Chief Executive Officer Mr. John Holder and Marketing Director Mrs. Vishakha R.M. received the award at a function in Mumbai organized by Fintelekt, SP Media for demonstrating overall leadership in product mix, revenues, customer mix and business model effectiveness during the fiscal year 2012-13.
The company, operating its business through bancassurance model, showed rich growth in last fiscal year 2012-13 across a variety of parameters such as growth of premiums and persistency of business. It is the fastest Indian life insurance company to cross Rs.500 crore, Rs.1,000 crore, Rs.1,500 crore, Rs.2,000 crore and Rs.2,500 crore in weighted premium income till date.

The Gross Written Premium (GWP) of the company as on May 31, 2013 stood at Rs. 6,740.6 cr and the number of policies sold is 396,329. Canara HSBC Oriental Bank of Commerce Life Insurance Company is a joint venture in which two public sector banks Canara Bank and Oriental Bank of Commerce hold 51% and 23% stakes respectively while HSBC Insurance (Asia Pacific) Holdings Ltd holds 26%.

Source: http://www.insuringindia.com/