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HSBC LIFE INSURANCE COMPANY LIMITEDMain BoardEquityNon-Linked Policy And Linked Policy2025-04-012026-03-312026-04-282026-04-22INRLakhsQuarterlyFourth quarter2026-04-2815:45:002026-04-2816:40:00trueCash Flow DirectNot applicabletruetrueNANAfalsetrue2026-02-09https://www.canarahsbclife.com/investor-relations/policies-and-code-of-conductfalsefalseDuring the Financial 2025-26, the Company has issued unsecured, rated, listed, subordinated, redeemable, fully-paid, non-cumulative, non-convertible debentures (NCDs) in the nature of Subordinated Debt in accordance with the IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 aggregating to Rs 25,000 lakhs at a coupon rate of 8.15% per annum. The said NCDs were allotted on March 13, 2026, and are redeemable at the end of 10 years from the date of allotment with a call option with the Company to redeem the NCD post the completion of 5 years from the date of allotment and every year thereafter. These NCDs have been rated CRISIL AA+/Stable by CRISIL and CARE AA+/Stable by CARE.2026-01-012026-03-31AuditedStandalone67387000002126790000031358000003114240000030606600000-1715850000062900000-8356000001267540000012255000005122000002235000001961200000196120000023430000000014990000003842000000580320000000-150000000012559900000-471710000013644500000-969100000-707800000-261300000749000001183100000-9691000000288900000-7078000002932000000293200000-41460000036700000-835600000-18000000-80070000038610000038800000388000000347300000034730000004000053047000009500000000655470000001901010000026449720000017767420000046118150000070629000004682444000001.89890.18632800980000.370.3700032370000000000000.000700000.01720.018700.01540.00050.01660-0.112886100000000.044501760001760000.82130.70060.62820.58890.5110.8459000001. Net Premium Income is Net of Reinsurance <br></br> 2. Income from Investments (Net) - Policyholders' is Net of Amortization and losses (including capital gains). For the quarter ended 31 March 2026 and the year ended 31 March 2026, income is lower compared to the quarter ended 31 December 2025, the quarter ended 31 March 2025, and the year ended 31 March 2025, respectively. This decrease is attributable to the Mark to Market (MTM) impact on investments in equity markets within Unit Linked Funds <br></br> 3. Transfer of funds from Shareholders' A/c and Transfer of funds to Policyholders' A/c Includes contribution of funds from shareholders accounts towards excess EOM and remuneration of MD/CEOs/WTD/Other KMPs <br></br> 4. Benefits Paid (Net) is Inclusive of interim and other bonuses and net of reinsurance <br></br> 5. Expenses other than those related to insurance business is Inclusive of Corporate Social Responsibility expenditure, Interest on Subordinate debt and Penalties (if any) <br></br> 6. Dividend per share is Interim and Final dividend recommended for respective financial year <br></br> 7. Advertisement and publicity expenses have been included in other operating expenses for the the current period. <br></br> 8. Interim Bonus includes Terminal Bonus. <br></br> 9. Profit carried to Balance Sheet Represents Accumulated Profit <br></br> 10. Analytical ratios have been calculated as per definition given in IRDAI Analytical ratios disclosure <br></br> 11. Company has provided 100% provision on CPs and NCDs of IL&FS and IL&FS financial services Ltd, due to default in repayment obligations due to downgrade of rating to Default (D) category. Hence, Net NPA amount would become zero. <br></br> 12. NPA: Profit/Loss on Derivative amount (TRAD & AnnuityR Fund) is being considered as "Unrealised Gain/Loss" and is included while computing the "Yield with Unrealised Gain and realised" <br></br> 13. Persistency ratio (Regular Premium/ Limited Premium Payment under Individual Category): <br></br> 13.1 Persistency ratios are calculated in accordance with IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 and the Master circular issued thereafter. As a result of a change in methodology adopted in the current period, previous year/quarter figures have been changed to ensure consistency and comparability. Persistency ratios include individual business only, Group business policies have been excluded from the persistency calculation. <br></br> 13.2 Persistency ratios for the quarter ended March 31, 2026 have been calculated on March 31, 2026 for the policies issued in December to February period of the relevant years. For example, the 13th month persistency for the quarter ended March 31, 2026 is calculated for policies issued from December 1, 2024 to February 28, 2025. <br></br> 13.3 Persistency ratios for the year ended March 31, 2026 have been calculated on March 31, 2026 for the policies issued in March to February period of the relevant years. For example, the 13th month persistency for year ended March 31, 2026 is calculated for policies issued from March 1, 2024 to February 28, 2025.2025-04-012026-03-31AuditedStandalone25848000000612870000001332090000010045590000098409800000160088000002259000005040000001151485000003966700000152070000074710000062345000006234500000758440000000495110000012535500000187700000000040950000000046108900000486682000001139566000001191900000876100000315800000293000000118310000011919000000266800000087610000011407000000114070000020168000001011000005040000003900000060900000014078000001417000001417000000126610000001266100000040000530470000065547000001.89890.18682800980001.331.3300032370000000000000.000700000.07930.076800.05830.06310.07420-0.027786100000000.044507510007510000.86350.73650.65330.60720.55370.8657000000Other Income62900000Other Income225900000Other operating expenses1499000000Other operating expenses4951100000Other income0Other income0Linked Non Participating - Life8783800000-21684700000-5648000006500000Linked Non Participating - Pension225400000-14620000010700000100000Linked Non Participating - Health0000Linked Non Participating - Others0000Non Linked Participating - Life48042000001428700000600000026200000Non Linked Participating - Pension0000Non Linked Participating - Health0000Non Linked Participating - Others0000Non Linked Non Participating - Life1309690000027429000001400000028100000Non Linked Non Participating - Pension3692900000499900000-3016000002000000Non Linked Non Participating - Health34000009000001000000Non Linked Non Participating - Others0000Shareholders029320000000Unallocated0000Linked Non Participating - Life38626300000-234730000044920000035700000Linked Non Participating - Pension4613000004990000010700000400000Linked Non Participating - Health0000Linked Non Participating - Others0000Non Linked Participating - Life1218210000060274000001210000091400000Non Linked Participating - Pension0000Non Linked Participating - Health0000Non Linked Participating - Others0000Non Linked Non Participating - Life38088000000103632000002640000087900000Non Linked Non Participating - Pension90361000001912000000550000010500000Non Linked Non Participating - Health1600000036000001000000Non Linked Non Participating - Others0000Shareholders0114070000000Unallocated0000Linked Non Participating - Life570200000Linked Non Participating - Pension-17000000Linked Non Participating - Health0Linked Non Participating - Others0Non Linked Participating - Life156400000Non Linked Participating - Pension0Non Linked Participating - Health0Non Linked Participating - Others0Non Linked Non Participating - Life-864300000Non Linked Non Participating - Pension309700000Non Linked Non Participating - Health800000Non Linked Non Participating - Others0Shareholders230300000Unallocated0Linked Non Participating - Life-430200000Linked Non Participating - Pension-10600000Linked Non Participating - Health0Linked Non Participating - Others0Non Linked Participating - Life164000000Non Linked Participating - Pension0Non Linked Participating - Health0Non Linked Participating - Others0Non Linked Non Participating - Life703200000Non Linked Non Participating - Pension5700000Non Linked Non Participating - Health3200000Non Linked Non Participating - Others0Shareholders972500000Unallocated0Linked Non Participating - Life176200800000Linked Non Participating - Pension2856400000Linked Non Participating - Health0Linked Non Participating - Others0Non Linked Participating - Life86383600000Non Linked Participating - Pension0Non Linked Participating - Health0Non Linked Participating - Others0Non Linked Non Participating - Life154186300000Non Linked Non Participating - Pension30003000000Non Linked Non Participating - Health59600000Non Linked Non Participating - Others0Shareholders18554700000Unallocated0Linked Non Participating - Life176200800000Linked Non Participating - Pension2856400000Linked Non Participating - Health0Linked Non Participating - Others0Non Linked Participating - Life86383600000Non Linked Participating - Pension0Non Linked Participating - Health0Non Linked Participating - Others0Non Linked Non Participating - Life154186300000Non Linked Non Participating - Pension30003000000Non Linked Non Participating - Health59600000Non Linked Non Participating - Others0Shareholders18554700000Unallocated01. Segment Policy Liabilities include funds for future appropriations.9500000000655470000000160547000002500000000-132580000026614450000000148929600000169579000001150750000002792000001776742000004424929000007196800000468244400000190101000002644972000001776742000002204400000372800000061333000001067470000016808000000119652000003571000001232230000044857000000046824440000034295000001. The Company does not have any subsidiaries/ associates/ joint venture companies, therefore, consolidated financial statements are not applicable to the Company. <br></br> <br></br> 2. The above financial results have been prepared in accordance with the relevant provision prescribed by IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended from time to time, to the extent applicable and IRDAI circular IRDA/F&I/REG/CIR/208/10/2016 dated October 25, 2016 on publication of financial results for life insurance companies. <br></br> <br></br> 3. The financial results of the Company for the quarter and year ended March 31, 2026 were reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on April 28, 2026. <br></br> <br></br> 4. The above financial results have been Audited by the joint Statutory Auditors of the Company, Raj Har Gopal & Co. (Firm Registration No. 002074N) and Brahmayya & Co. (Firm Registration No. 000513S). <br></br> <br></br> 5. The figures for the quarter ended March 31, 2026 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figures between Audited figures in respect of full financial year and published year-to-date figures upto the end of the third quarter of the relevant financial year. <br></br> <br></br> 6. In view of seasonality of industry, the results of interim period are not necessarily indicative of the results that may be expected of any other interim periods or for the full year. <br></br> <br></br> 7. As on 31st March 2026, the Company has 950,000,000 Issued, subscribed and paid-up equity shares (face value of Rs 10 each). <br></br> <br></br> Pursuant to listing of the Companys equity shares on stock exchanges in India (NSE and BSE) on October 17, 2025, the existing shareholders sold 237,500,000 equity shares through an offer for sales in its initial public offering (IPO). In this offering, Canara Bank sold 137,750,000 shares and as a result the Company ceases to be a subsidiary of Canara Bank. HSBC Insurance (Asia-Pacific) Holdings Limited and Punjab National Bank also sold 4,750,000 and 95,000,000 shares, respectively. As a result of this transaction, there is no impact on financial position of the Company on the date of adoption of financial statements except as stated above. <br></br> <br></br> 8. Pursuant to the notification issued by the Ministry of Labour and Employment, the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the New Labour Codes) became effective from November 21, 2025. Accordingly, the Company has recognized incremental estimated obligation on account of the employees past services and based on actuarial valuation, in accordance with Accounting Standard 15 Employee Benefits (AS 15), the incremental estimates amount to Rs 1,195 lakhs. This additional amount is charged to the Policyholders Revenue Account for the year ended March 31, 2026. <br></br> <br></br> The Company continues to monitor developments relating to the implementation of the New Labour Codes and will review its estimates and assumptions on an ongoing basis. <br></br> <br></br> 9. The Company has instituted an Employee Stock Option Plan namely Canara HSBC Life Insurance Company Limited - Employee Stock Option Plan 2025 (the ESOP Scheme) pursuant to approvals of the Board of Directors and shareholders. The ESOP scheme is administered through a Trust constituted solely for the purpose of implementation and administration of the ESOP Scheme. Under the ESOP scheme, eligible employees are granted stock options that vest over specified periods subject to vesting conditions and are exercisable at a predetermined exercise price within the prescribed exercise period. The scheme is equity-settled in nature. The ESOP Trust has been funded by the Company through interest-free loan for the purpose of acquiring equity shares of the Company from the secondary market. The Trust has not subscribed to or been allotted any fresh equity shares by the Company. <br></br> <br></br> The Company accounts for the ESOP Scheme in accordance with the Guidance Note on Accounting for Share-based Payments issued by the Institute of Chartered Accountants of India and has adopted the intrinsic value method for measurement of stock options. As at the reporting date, no options have vested and the intrinsic value of options granted is nil; accordingly, no employee compensation expense has been recognized in the Revenue Account or Profit and loss account for the period. The amount advanced by the Company to the ESOP Trust is presented in the balance sheet as Loan to ESOP Trust and represents loans/advances recoverable from the Trust, primarily out of the exercise price received from employees upon exercise of vested options, and includes inter alia, the cost of equity shares acquired from the secondary market (including transaction costs), margins placed with brokers, unutilized bank balances and other incidental costs attributable to the administration of the ESOP Scheme. <br></br> <br></br> 10. During the Financial 2025-26, the Company has issued unsecured, rated, listed, subordinated, redeemable, fully-paid, non-cumulative, non-convertible debentures (NCDs) in the nature of Subordinated Debt in accordance with the IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 aggregating to Rs 25,000 lakhs at a coupon rate of 8.15% per annum. The said NCDs were allotted on March 13, 2026, and are redeemable at the end of 10 years from the date of allotment with a call option with the Company to redeem the NCD post the completion of 5 years from the date of allotment and every year thereafter. These NCDs have been rated CRISIL AA+/Stable by CRISIL and CARE AA+/Stable by CARE. <br></br> <br></br> 11. The Board of Directors have recommended a final dividend of Rs 0.40 per equity share of face value of Rs 10 each in its meeting held on April 28, 2026, subject to Shareholders approval in their Annual General Meeting. <br></br> <br></br> 12. In accordance with the requirements of IRDAI circular on 'Public Disclosures by Insurers' dated September 30, 2021, the Company will publish the financials on the Company's website not later than May 27, 2026. <br></br> <br></br> 13. Figures of the previous period have been re-grouped wherever necessary, to conform to the current year presentation. <br></br> <br></br> <br></br> Cash Flow Notes: <br></br> 1. Payments for premiums and claims, annuities and other policy benefits includes Payments to the re-insurers, net of commissions and claims, Payments to co-insurers, net of claims recovery and Payments of claims. <br></br> 2. Other cash payments from operating activities includes Payments of commission and brokerage, Payments of other operating expenses (Includes amount paid towards Corporate Social Responsibility expenditure), Preliminary and pre-operative expenses, Deposits, advances and staff loans and Goods and Service Tax (GST) paid. <br></br> 3. Other inflows (outflows) of cash in Cash flows from used in investing activities includes Purchase of Investments, Loans against policies, Loan Disbursed (Loan to ESOP Trust), Sale of Investments and Investments in money market instruments and in liquid mutual funds (Net) (includes movement in net current assets). <br></br> 4. Interest received includes Interests and Dividends received. <br></br> <br></br> <br></br> Related Party Transaction Notes: <br></br> 1. Post merger of Karnataka Vikas Grameena Bank and Karnataka Gramin Bank w.e.f. from 1st May 2025, the merged entity has been renamed as Karnataka Grameena Bank. Hence, we have disclosed all the transactions during the period under Karnataka Grameena Bank. <br></br> <br></br> 2. The Company has entered into Forward Rate Agreement (Fixed Income Derivative instruments) with The Hongkong and Shanghai Banking Corporation Limited towards which the outstanding notional principal as on 31st March 2026 is Rs 11,157 Lakhs (As on 31st March 2025 Rs. NIL) and Margin Receivable on the same as on 31st March 2026 is Rs 1,119 Lakhs (As on 31st March 2025 Rs. NIL). The Company has also earned an interest income of Rs 21 Lakhs on these margins half year ended 31st March 2026 ( PY NIL). <br></br> <br></br> 3. During the Financial year 2025-26, the Companys Equity Shares were listed on NSE and BSE, pursuant to an Initial Public Offer (IPO) comprising of 237,500,000 Equity shares of face value of ` 10 each at a price of ` 106 per equity share, offered through an Offer of Sale by its shareholders, as mentioned below: <br></br> <br></br> 137,750,000 Equity shares of face value of Rs. 10 each aggregating to Rs. 145,860 Lakhs (with 15,50,000 equity shares offered to eligible employees at Rs. 96.00) by Canara bank, <br></br> 4,750,000 Equity shares of face value of Rs. 10 each aggregating to Rs. 5,035 Lakhs by HSBC Insurance (Asia-Pacific) Holdings Limited and <br></br> 95,000,000 Equity Shares of face value of Rs.10 each aggregating to Rs. 100,700 Lakhs by Punjab National Bank. <br></br> <br></br> The Company received total proceeds of Rs. 251,595 Lakhs, from the offer for sale on behalf of the selling shareholders, out of which: <br></br> <br></br> an amount of Rs. 6,782 Lakhs was retained towards recovery of estimated IPO related expenses, <br></br> Securities Transaction tax (STT) was paid amounting to Rs. 503 Lakhs, <br></br> Withholding Tax was paid amounting to Rs. 204 Lakhs and <br></br> balance amount of Rs. 244,106 Lakhs was remitted to the selling shareholders and hence, the said amount have not been disclosed as a related party transaction under the related party disclosures. <br></br> <br></br> Out of the Rs. 6,782 Lakhs retained, the Company has recovered Rs. 6,025 Lakhs, towards IPO related expenses incurred by it, from the selling shareholders, which has been disclosed as related party transactions under the related party disclosures. <br></br> The remaining balance of Rs. 757 Lakhs in the IPO bank account as at 31st March 2026, is to be utilized towards settlement of remaining IPO related expenses and the balance amount, if any, shall be remitted to the Shareholders. Hence, the same has not been disclosed as a related party transaction under the related party disclosures. <br></br> Since these expense are borne by shareholders therefore omnibus approval was not taken. <br></br> <br></br> <br></br> * The Company may also from time to time receive interest from investments issued by these related parties, in line with the terms of investments so made.000100195400000011830000000046941700000017890800000354812000000001462000000353350000000000003400000103700000000000000000000206671000000-572259000000-3665910000000000000250000000000380000000000212000000079590000007959000001871540000019511300000Canara HSBC Life Insurance Company Limited******Canara Bank******PromoterAny other transactionPremium Income13500000000-324891900000Canara HSBC Life Insurance Company Limited******Canara Bank******PromoterAny other transactionBenefits Paid5000000000-15457800000Canara HSBC Life Insurance Company Limited******Canara Bank******PromoterAny other transactionCommission6000000000-286415000058956000166134000Canara HSBC Life Insurance Company Limited******Canara Bank******PromoterAny other transactionRent50000000-1154500000Canara HSBC Life Insurance Company Limited******Canara Bank******PromoterAny other transactionReimbursement of expenses- Electricity Charges and Property Tax20000000-28100000Canara HSBC Life Insurance Company Limited******Canara Bank******PromoterAny other transactionRecovery of IPO related expenses (Note 3)-34930000000Canara HSBC Life Insurance Company Limited******Canara Bank******PromoterAny other transactionBank Charges30000000-298500000Canara HSBC Life Insurance Company Limited******The Hongkong and Shanghai Banking Corporation Limited******Promoter GroupAny other transactionPremium Income2000000000-8575600000Canara HSBC Life Insurance Company Limited******The Hongkong and Shanghai Banking Corporation Limited******Promoter GroupAny other transactionCommission750000000-2824450004852700070977000Canara HSBC Life Insurance Company Limited******The Hongkong and Shanghai Banking Corporation Limited******Promoter GroupAny other transactionBank Charges10000000-121100000Canara HSBC Life Insurance Company Limited******The Hongkong and Shanghai Banking Corporation Limited******Promoter GroupAny other transactionPurchase of Investment - Deposits, Debt & Money market instruments*2000000000-57116200000Canara HSBC Life Insurance Company Limited******The Hongkong and Shanghai Banking Corporation Limited******Promoter GroupAny other transactionMargin Receivable (Note 2)10000000000-077600000111900000Canara HSBC Life Insurance Company Limited******The Hongkong and Shanghai Banking Corporation Limited******Promoter GroupAny other transactionInterest and Investment Income (Note 2)10000000000-211100000Canara HSBC Life Insurance Company Limited******The Hongkong and Shanghai Banking Corporation Limited******Promoter GroupAny other transactionGuarantees and Collaterals250000000-050000005000000Canara HSBC Life Insurance Company Limited******HSBC Insurance (Asia-Pacific) Holdings Limited******PromoterAny other transactionRecovery of IPO related expenses (Note 3)-1205800000Canara HSBC Life Insurance Company Limited******Punjab National Bank******Having more than 10 % shareholding as per LODRAny other transactionCommission150000000-97407000975700021860000Canara HSBC Life Insurance Company Limited******Punjab National Bank******Having more than 10 % shareholding as per LODRAny other transactionBank Charges5000000-28400000Canara HSBC Life Insurance Company Limited******Punjab National bank******Having more than 10 % shareholding as per LODRAny other transactionRecovery of IPO related expenses (Note 3)-24115200000Canara HSBC Life Insurance Company Limited******Canara Bank Securities Limited******Promoter GroupAny other transactionBrokerage20000000-6412000114000143000Canara HSBC Life Insurance Company Limited******Canara Robeco Asset Management Company Limited******Promoter GroupAny other transactionSale / Maturity of Investment - Deposits, Debt & Money market instruments*1000000000-20767800000Canara HSBC Life Insurance Company Limited******Karnataka Grameena Bank (Note 1)******Promoter GroupAny other transactionPremium Income1250000000-8269300000Canara HSBC Life Insurance Company Limited******Karnataka Grameena Bank (Note 1)******Promoter GroupAny other transactionCommission500000000-2107530002415300072712000Canara HSBC Life Insurance Company Limited******Kerala Grameena Bank******Promoter GroupAny other transactionPremium Income250000000-631900000Canara HSBC Life Insurance Company Limited******Kerala Grameena Bank******Promoter GroupAny other transactionCommission100000000-1706100027770008744000Canara HSBC Life Insurance Company Limited******Can Fin Homes Limited******Promoter GroupAny other transactionPremium Income1000000000-55533300000Canara HSBC Life Insurance Company Limited******Can Fin Homes Limited******Promoter GroupAny other transactionCommission100000000-2813500033620007947000Canara HSBC Life Insurance Company Limited******Canara HSBC Life Insurance Company Limited Group Gratuity Trust******Gratuity TrustAny other transactionPremium Income250000000-6910000000Canara HSBC Life Insurance Company Limited******Canara HSBC Life Insurance Company Limited Group Gratuity Trust******Gratuity TrustAny other transactionBenefits Paid250000000-4520200000Canara HSBC Life Insurance Company Limited******Canara HSBC Life Insurance Company Limited Group Gratuity Trust******Gratuity TrustAny other transactionContribution towards Gratuity Plan250000000-69100000009223130000