In FY24, Chola MS will proceed to develop forward of trade to step up its current market share of 2.87% amongst multi-line gamers and plans are afoot to hit 5%-mark in the following three to 4 years,” mentioned Cholamandalam MS General Insurance Co. Ltd. MD V. Suryanarayanan.
Cholamandalam MS General Insurance Co. Ltd. (Chola MS) revenue earlier than tax and web revenue for the 12 months ended March has greater than doubled to ₹264 crore and ₹200 crore respectively following sturdy progress in fireplace, motor and well being enterprise.
“In FY23, we posted good results and were ahead of the industry due to growth in all lines of business such as fire, motor and health insurance,” mentioned V. Suryanarayanan, MD.
According to him, fireplace insurance coverage grew by 33% towards the trade progress of 11%, whereas motor insurance coverage enterprise rose by 27% (13%) and medical health insurance by 37% (31%). The insurer offered 121 lakh insurance policies and aimed toward strengthening its digital choices.
Chola MS reported gross written premium of ₹6,200 crore, a progress of 28% towards trade progress of 16%. The insurer’s web price stood at ₹2,160 crore with a solvency ratio of 2.01 instances for FY23.
“In FY24, Chola MS will continue to grow ahead of industry to step up its present market share of 2.87% amongst multi-line players and plans are afoot to hit 5%-mark in the next three to four years,” he mentioned.
Asserting that 60% of enterprise got here from non-southern area, he mentioned that retail accounted for 85% of whole pie they usually want to take the share of business sector to 22% from 15%.
He additionally mentioned that MS Chola could be re-entering the crop insurance coverage enterprise after a niche of three years as issues have modified.
