Mumbai, 10th May 2021: 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. 4388 crores during FY 2020-21 drawing level with the previous year’s volumes despite the pandemic related lockdown and economic slowdown. Chola MS has a market share of 2.6% and Ranks 8th amongst private players in the general insurance industry.
During the year, Covid-19 related health claims of over Rs.140 crs rendered the Combined Ratio (CoR) higher at 107.28%. Profit before Taxes grew by 47% to Rs. 374 crores supported by strong investment income of Rs. 804 crores with the investment corpus crossing Rs. 11,000 crores.
The Company re oriented its product mix both across and within motor to step up volumes in commercial lines & retail health and in cars / two-wheelers. Chola MS won several awards during the year including Celent Model Insurer Award for Legacy and Ecosystem Transformation.
Commenting on the same, Mr. Suryanarayanan V, Managing Director, Chola MS said, “Despite the slowdown in lending among our major financier partners, Chola MS has attained growth in volumes from newer channel acquisitions, growth in fire line of business in bancassurance, OEM programs and in agency business across motor and health. The Company had a 14% growth in Q4 (Jan-March quarter) over the corresponding quarter which was higher than the industry growth. Chola MS expects to sustain higher than industry growth rate in FY21-22. I take this opportunity to thank our employees, our Joint Venture partner – MSI Japan and all our business partners for the support over the years.”