Buy Canara HSBC Life Insurance; target of Rs 180: Motilal Oswal

Motilal Oswal is bullish on Canara HSBC Life Insurance recommended buy rating on the stock with a target price of Rs 180 in its research report dated January 12, 2026.

Broker Research

January 13, 2026 / 11:37 IST

Buy

Motilal Oswal's research report on Canara HSBC Life Insurance

Canara HSBC Life Insurance (CANHSBC) is one of the top-10 life insurance companies in India. It has a diversified product mix, with ULIP/NonPar/Par/Protection contributing 50%/34%/8%/8% in 1HFY26. The business is primarily led by the bancassurance channel, with Canara Bank/HSBC contributing 70%/15% in 1HFY26. Over the past decade, CANHSBC has outperformed the overall industry and private segment with a CAGR of 22% in APE. Resultantly, its market share has increased by 90bp/110bp during the period within the industry/private segment. We believe the industry is well positioned to deliver strong growth traction, aided by 1) increasing penetration (India’s penetration at 2.8% vs. global 2.9%), 2) GST exemption tailwind, 3) narrowing protection gap in the country (83% in India, highest among peers), and 4) expected favorable regulations such as riskbased solvency, composite license etc.

Outlook

We value the company at 1.7x FY28E P/EV to arrive at a TP of INR180. Initiate coverage with a BUY rating.

For all recommendations report, click here