Insurance

Canara HSBC Life Insurance reported a 6% decline in its net profit for the third quarter, amounting to Rs 28 crore, compared to Rs 29.8 crore in the same period last year. The insurer attributed the contraction to heightened competition in the life insurance sector and fluctuating investment returns. Despite the dip in profit, the company reported steady growth in its premium collections, reflecting continued customer demand.

Sahaj Insurance has entered into a strategic distribution partnership with Life Insurance Corporation of India (LIC) to expand its reach and enhance customer access to insurance products. The collaboration aims to leverage LIC’s extensive distribution network across urban and rural India, providing Sahaj Insurance with broader market penetration and increased policy uptake. The partnership aligns with Sahaj Insurance’s growth strategy to diversify offerings and improve financial inclusion, while LIC benefits from an expanded portfolio of insurance solutions to offer clients.

India’s insurance sector is poised for a significant transformation as proposed legislative reforms promise to unlock growth, enhance competition, and expand consumer access, according to the chairman of the Life Insurance Corporation of India. The upcoming Insurance Bill is expected to modernize regulations, attract long-term capital, and strengthen the industry’s role in economic development. With insurance penetration in India still below global averages, policymakers see reform as a critical lever for financial inclusion.

Shriram Life Insurance recorded a robust 21% year-on-year increase in premium collections during the first quarter of the current fiscal, reflecting strong demand for its insurance products and a deepening presence in emerging markets. The growth was driven by strategic distribution expansion, improved product offerings, and a focus on underserved customer segments. This performance underscores the insurer’s resilience amid an evolving regulatory landscape and intensifying competition in the life insurance sector.