Archive · 31 Jul 2026
Canara HSBC Life Targets 15% Non-Bank Distribution Share
Canara HSBC Life Insurance is a company that sells life insurance in India.
The boss, Anuj Mathur, says they want to sell more insurance outside of banks.
They plan to add about 5,000 new sales agents in the next 6 to 9 months.
The company also wants that 15% of all its sales come from these non-bank channels in the next 2 to 3 years.
They are growing because the government wants insurance to be sold in a fair way, and they are also seeing more people buying protection for loans.
The share of a type of insurance called ULIP has gone down because people prefer guaranteed benefits when markets are uncertain.
Canara HSBC Life plans to increase non-bank distribution to 15% of total business within 2-3 years.
The company is expanding its agency network, adding about 5,000 distributors in the next 6‑9 months.
Regulator Irdai focuses on affordability and selling practices, not curbing bancassurance; reforms are expected to help growth.
Protection business grew 41% in Q1, especially Credit Life via home and education loans.
ULIP share fell to 36% as customers prefer guaranteed benefits amid market volatility.
- Who
- Anuj Mathur, Managing Director and Chief Executive of Canara HSBC Life Insurance
- What
- Company plans to expand non-bank distribution to 15% of total business within 2-3 years
- When
- Agency expansion in next 6-9 months; target share within 2-3 years; Q1 data cited
- Where
- India
- Why
- To diversify distribution, respond to regulator reforms, capture new customers, and improve product mix
- Target non-bank distribution share
- 15%
- Planned agency distributors
- 5,000
- Regulator
- Irdai
- Protection business growth Q1
- 41%
- ULIP share
- 36%
- Total expense ratio
- top quartile