Mumbai: Canara HSBC Oriental Bank of Commerce Life Insurance on Thursday said its three shareholders have infused a capital of Rs100 crore, increasing its total capital base to Rs725 crore.
The life insurance company is a joint venture of Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia-Pacific) Holdings Ltd.
The capital has been infused in order to meet the expansion plans and support the business growth of the company, a press release issued here stated.
The life insurer’s CEO Harpal Karlcut said, “For 2010-11, the shareholders have already committed capital infusion to the tune of Rs300-crore.”
“With a capital base of Rs325 crore, we were one of the most highly-capitalised life insurance companies at launch. The company received a further infusion of Rs200 crore in December 2008 and Rs100 crore in December 2009. For FY 2010-11, the shareholders have already committed capital infusion to the tune of Rs300 crore,” Karlcut said.
In FY 10, the company clocked a 189% growth in gross written premiums at Rs861.3 crore, the release said.
The company has entered into a strategic distribution tie-up with HSBC InvestDirect, which provides a wide range of services such as security broking, depository services, investment advisory, distribution of financial products and securities-related financing to its customers, the release said.