Motilal Oswal Bull Case: 51% Upside for Canara HSBC Life Insurance

• Motilal Oswal initiated coverage on Canara HSBC Life Insurance with a 'Buy' rating and a price target of ₹180.
• The brokerage's 'bull case' projects a 51% upside, targeting ₹220 by FY28.
• Canara HSBC Life is a top 10 life insurer with a diversified product mix, largely bancassurance-led distribution.
• The company has outperformed the industry, expanding market share by 90 basis points over the past decade.
• Motilal Oswal expects 20% CAGR in APE and 23% in VNB for Canara HSBC Life over FY25-28E.

Why It Matters: Motilal Oswal sees significant growth potential for Canara HSBC Life Insurance, projecting a 51% upside.