Motilal Oswal initiates coverage on Canara HSBC Life with Buy rating.

**Market Note: Coverage Initiation on Canara HSBC Life Insurance** Motilal Oswal has initiated investment coverage on Canara HSBC Life Insurance with a **Buy rating** and a price target of **Rs 180**. The outlook is supported by significant industry underpenetration and the company’s strategic positioning to capture expanding market share. The firm identifies strong **bancassurance partnerships** as a primary growth lever. These established relationships provide a stable distribution foundation, complemented by ongoing efforts in channel diversification to reduce dependency and broaden customer reach. Profitability metrics remain a focal point, with **Value of New Business (VNB) margins** expected to improve over the medium term. This expansion, coupled with operational efficiencies, is projected to be a key driver of sustained earnings growth for the insurer.