Targets Rs. 5500 crores premiums in FY 2018-19
Kolkata, May 05,2018: Cholamandalam MS General Insurance Company Limited (Chola MS), a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group, Japan has achieved a Gross Written Premium of Rs. 4103 crores during FY 2017-18 registering a year on year growth of 30.9%, in excess of 25% for the 3rd year in a row. Chola MS has a market share of 3% and Ranks 7th amongst private players in the general insurance industry.
During the year, Combined Ratio (CoR) has improved to 100.79% in FY 2017-18 from 101.25% in the previous year. Profit before Taxes grew by16.7% to Rs. 347 crores supported by strong investment income of Rs. 489 crores with an investment corpus of over Rs. 6300 crores. The Board of Chola MS has declared dividend (second consecutive year) at 6%.
Retail has been the dominant growth strategy with Motor, Health & Crop insurance contributing over 80% of the premiums with a good mix across Metros & Non Metros. In FY 2017-18, Chola MS added a prestigious Corporate Agency partnership with Union Bank of India.
Chola MS won several awards during the year including Golden Peacock Award for Risk Management, Pride of Tamil Nadu for BFSI Sector, Dream Companies to Work for in Private Insurance Sector. Partnership with Manipal Global for Talent Development has progressed well.
Commenting on the same, Mr. S S Gopalarathnam, Managing Director, Chola MS said, “It was a special year for us at Chola MS as we celebrated our 15th anniversary and we also crossed some important milestones. We have been able to achieve this growth without any capital infusion over the past 5 years with a healthy Return on Equity of 20.5%. I take this opportunity to thank our employees, our Joint Venture partner – MSI Japan, our business partners for the support over the years.”
Over the next 3 years, Chola MS aspires to take its ranking into Top 5 amongst private players without compromising on underwriting profitability.
Corporate Comm India(CCI Newswire)