Canara HSBC Life Insurance, one of the leading private sector insurance companies, has announced its financial results for the second quarter (Q2) of the current financial year. The company has recorded strong year-on-year growth in both its net profits and net premium income in the quarter. Amidst the increasing competition in the insurance sector, this performance of the company is considered quite encouraging for investors and market analysts. Let us know the complete and detailed report of these quarterly results of Canara HSBC Life Insurance.
Tremendous increase in net profits and net premium earnings
According to the financial data, the net profit of Canara HSBC Life Insurance has increased to Rs 43 crore in the quarter under review from Rs 41 crore in the same quarter of the last financial year. Along with this, the company’s business growth can be gauged from the fact that its net premium income has seen a strong jump from Rs 2,260 crore to Rs 2,553 crore on an annual basis. Additionally, the company also raised Rs 288 crore through non-convertible debentures (NCDs) during the September quarter to strengthen its financial resources.
Stock market slowdown and share trading
On one hand, the financial results of the company have been positive, on the other hand, selling pressure was seen in this stock in the stock market on October 9. At the end of trading, shares of Canara HSBC Life Insurance closed at Rs 139.20, down 4.49 per cent, compared to its previous closing price of Rs 145.75. The stock touched a high of Rs 144 and a low of Rs 138.40 during the trading session. The VWAP (Volume Weighted Average Price) of this share has been recorded at Rs 141.55.
Important figures related to market cap and valuation
If we look at the overall market valuation and trading volume of the company, its highest level of 52 weeks has been Rs 166.50 and lowest level has been Rs 105.95. As per the current status, the total market cap of the company is recorded at Rs 13,224 crore and free-float market cap is recorded at Rs 4,967.78 crore. A total of 0.44 lakh shares were traded in the stock market during this period, due to which the total turnover of the company was Rs 62.79 lakh. It is clear from all these figures that the company is moving ahead with its strong fundamentals.