V. Suryanarayanan, managing director, Chola MS, said, In FY 2023-24, Chola MS will continue to grow ahead of industry to step up on its present market share of 2.87% amongst multi line players.”
Chennai:
Cholamandalam MS General Insurance Company Ltd (Chola MS), a joint venture between Murugappa Group and Japan’s Mitsui Sumitomo insurance group, has ended the financial year FY 2023 with gross written premium (GWP) of Rs 6200 Crore, a growth of 27.6%
Chola MS, in its 20th year, registered a profit before tax of Rs. 264 crores in fy 2023-24 as compared with Rs.106 crores in the previous year.
Chola MS ended March 2023 with a net worth of Rs 2160 crore and a solvency ratio of 2.01 times against regulatory minimum of 1.5 times.
The company has grown its investment corpus to Rs.14,715 crores.
V. Suryanarayanan, managing director, Chola MS, said, In FY 2023-24, Chola MS will continue to grow ahead of industry to step up on its present market share of 2.87% amongst multi line players.”
It would strengthen all its distribution channels and embrace new lines of business to meet market expectation.
The company has set an aspiring goal of strengthening its digital offerings and is embarking on a journey of transforming its legacy systems and investing on data analytics which would profoundly change the way it engages with its customers and partners, added Suryanarayanan.
Chola MS has a market share of 5.3% in motor line of business and 4.9% market share in personal accident line of business. In fire line of business the company grew by 33%. The company has strong and long standing bancassurance partnerships with government owned banks, private banks, small finance banks and rural banks. It also operates on most major automobile OEM insurance programs and has an agent / POSP network of 50,000+.