Canara HSBC Oriental Bank of Commerce Life Insurance Company has recorded 82% growth in FY 2010-11 over the previous fiscal.

The Company is also one of the few private players to have posted positive growth in new business in the fiscal. The insurer garnered ` 265 crore in March and closed FY 2010-11 with ` 1532 crore in gross written premiums. The Company issued over 1,11,000 policies in the fiscal. The Company is now comfortably positioned amongst the top 10 private players in terms of weighted new business premium income in less than 3 years of operations.

John Holden, CEO, Canara HSBC Life, said, “The Company’s consistent growth is a result of the efficient bancassurance model of distribution, high quality sales leading to the trust of the customers and the commitment of our shareholders and employees in positioning the Company as a strong private life insurance player in the year of significant regulatory changes.” “All products have been designed on the basis of insights gathered through extensive customer research. Impressive support from our shareholder banks, together with simple processes that are well integrated with the distributors, has resulted in the remarkable year-on-year growth for the Company”, he added.