CHOLA MS aims for Rs. 2500 crs premium in 2014-15

India Infoline News Service | Mumbai |

The Combined Operating Ratio during the FY2013-14 before absorption of motor and declined pool losses was 101.3%.

Cholamandalam MS General Insurance Company Limited (Chola MS), a joint venture of the Murugappa Group and Mitsui Sumitomo Insurance Group, the largest Insurance group in Japan, has crossed Rs 1855 crores of Gross Written Premium (GWP) for the financial year 2013-14. Chola MS has posted a growth of 15% over the previous year and has achieved a PBT of Rs.101 crores during the same period. The Combined Operating Ratio during the FY2013-14 before absorption of motor and declined pool losses was 101.3%.
 
Announcing the results, SS Gopalarathnam, Managing Director, Chola MS commented “Rs. 100 crores PBT is a great milestone in our journey of 12 years and we are happy to have crossed it in a rather difficult year for the Indian Insurance industry. It reaffirms faith in our strategy of identifying profitable niches and nurturing them. On the Bancassurance side of business we have strengthened our partnership with existing partners. On the Retail side of business, we have added over 4500 agents in 2013-14.”
 
Talking about the future plans of the Company, 
Gopalarathnam said, “In FY 2014-15, we have a target of Rs. 2500 crores GWP and an operating PBT of Rs. 225 crores. We shall also aim to be underwriting positive with a targeted COR of 99.9%. This will launch us into a different orbit of continuous growth and accelerated profits.” 
 
He added further, “We will continue to offer convenience to our customers and intermediaries through technology adoption and hassle free processes. We also plan to launch new products in health and motor lines of business. The company plans to add another 9,000 agents during the current FY 2014-15.”
 

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