Canara Bank, a Bangalore-based public sector lender, has entered into a bancassurance tie-up with Apollo Munich Health Insurance (AMHI). Through this tie-up, the bank will distribute AMHI products in over 4,200 branches which will act as a corporate agent for selling these products. Bancassurance is distribution of insurance products through a bank's network.
Besides, the bank will also utilize it business correspondents’ network to take health insurance to unbanked areas. This is the first such tie-up for the insurance company in its six years of existence.
On standalone basis, the bank has posted a rise of 2.17% in its net profit at Rs 792.07 crore for the quarter ended June 30, 2013 as compared to Rs 775.24 crore for the same quarter in the previous year. Total income has increased by 14.65% at Rs 10507.88 crore for quarter under review as compared to Rs 9165.47 crore for the quarter ended June 30, 2012.
