Canara HSBC Oriental Bank of Commerce Life bags top insurance award

Mumbai, June 25 (IANS) The Canara HSBC Oriental Bank of Commerce Life Insurance Company bagged the top honour at the Indian Insurance Awards 2013 Tuesday.

The company has been conferred the coveted "Life Insurance Company of the Year Award 2013" instituted by Fintelekt, SP Media, for demonstrating overall leadership in revenues, product mix, customer mix and business model effectiveness during the last financial year 2012-2013.

Company CEO John Holden and Marketing Director Vishakha R.M. received the award at a function here.

Operating through the efficient bancassurance model, the company demonstrated robust growth last year across a variety of parameters such as growth of premiums and persistenly of business.

Launched in June 2008, Canara HSBC Oriental Bank of Commerce Life Insurance Company is owned jointly by Canara bank (51 percent), Oriental Bank of Commerce (23 percent) and HSBC Insurance (Asia Pacific) Holdings Ltd (26 percent).

The Company is the fastest Indian life insurance company to cross Rs.500 crore, Rs.1,000 crore, Rs.1,500 crore, Rs.2,000 crore and Rs.2,500 crore in weighted premium income till date.

As on May 31, 2013, the company's Gross Written Premium (GWP) stood at Rs.6,740.6 crore and the number of policies sold is 396,329.