Chennai:
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 per cent , in excess of 25 per cent for the 3rd year in a row.
Chola MS has a market share of 3 per cent and ranks 7th amongst private players in the general insurance industry.
During the year, Combined Ratio (CoR) has improved to 100.79 per cent in FY 2017-18 from 101.25 per cent in the previous year.
Profit before Taxes grew by 16.7 per cent 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 per cent.
For Chola MS, retail has been the dominant growth strategy with Motor, Health & Crop insurance contributing over 80 per cent 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.
Commenting on the same, Mr. S S Gopalarathnam, Managing Director, Chola MS said, “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 per cent. Over the next 3 years, Chola MS aspires to take its ranking into Top 5 amongst private players without compromising on underwriting profitability.''