Canara HSBC Life Insurance IPO to open on October 10: Check business model, peer comparison & more

Incorporated in 2007, Canara HSBC Life Insurance has grown into a prominent bank-led private player in the Indian life insurance sector.

According to the CRISIL report, the company’s individual weighted premium income (“WPI”) collected grew the third-highest amongst bank-led insurers between FY22 and FY25, while it had the third-highest assets under management amongst public sector bank-promoted life insurers, as at March 31, 2025. Here are key things to know about Canara HSBC Life Insurance ahead of its IPO opening on October 10:

Canara HSBC Life Insurance IPO details

Canara HSBC Life Insurance IPO aims to raise ₹2,517.5 crore through its public issue. The company has fixed the price band of the issue at ₹100 to ₹106 per share. The lot size, or the minimum bid quantity to apply for the issue, is 140 shares. This equates to a minimum investment amount of ₹14,840 per lot at the upper end of the price band for retail investors.

Canara HSBC Life Insurance has appointed SBI Capital Markets as the book-running lead manager of the IPO, while Kfin Technologies Ltd. is the registrar for the issue.

Peer comparison based on FY25 financials

Canara HSBC Life Insurance IPO: Important dates

Canara HSBC Life Insurance IPO will remain open for bidding from 10 to 14 October. After the bidding is closed, the allotment of shares is expected to be finalised on October 15.

Successful bidders can expect the shares to be credited to their demat accounts by October 16, with others receiving refunds on the same day. Canara HSBC Life Insurance shares are scheduled to list on the BSE and NSE on October 17.

Financial snapshot

Canara HSBC Life Insurance IPO objective

• Carry out the offer for sale: The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to selling shareholders.
• Listing on stock exchanges: The company want to achieve the benefits of listing its shares on the stock exchanges.

About the company

Canara HSBC Life Insurance has bancassurance tie-ups with Canara Bank, HSBC India, and seven associate regional rural banks that provide it with a wide network of more than 15,700 branches in India. Bancassurance remains the business driver accounting for 92.33% of the company's new business premium as of June 30, 2025. The company has a multi-channel distribution network of brokers, corporate agents, and direct sales, which includes sales on digital platforms.

The company’s offerings primarily include saving and endowment plans, term (pure protection) plans, retirement solutions, group credit life and protection plans. It has a product portfolio comprising 20 individual products, 7 group products, and 2 optional rider benefits. These products have comprehensive protection, guaranteed income and market-linked growth features. Product mix during FY25 comprised 53.68% unit-linked (ULIP), 20.04% non-participating savings, 8.69% participating, and 13.11% annuity business, revealing strategic diversification across the customer base.

The company also engages in social insurance under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Canara HSBC Life's business model has been driven by digital transformation. Over 99.70% of policy requests were digitally processed as of June 30, 2025, of which 67% utilised straight-through processing (fully automated issue without manual intervention). The 13th-month persistency ratio stood at 84.25% for Q1FY26, improving by over 900 bps over FY23, while the 61st-month persistency ratio increased to 58.20%.

Canara HSBC Life Insurance is aiming to enhance penetration in its existing distribution network, diversify its revenue stream. To promote rural insurance products, the company is actively collaborating with local non-government organisations. Additionally, it continues to leverage technology and analytics to enhance productivity and improve consumer experience.