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Authors: JordanChennai: Cholamandalam MS General Insurance Company, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group, Japan has reported a Gross Written Premium of Rs 4,103 crore during FY2018, registering a year on year growth of 30.9%.
During the year FY 2017-18, the company said the Combined Ratio (CoR), which is a measure of an insurance company's claims performance, improved 100.79% in from 101.25% in the previous year.
Profit before tax grew 16.7% to Rs.
347 crore, supported by strong investment income of Rs 489 crore with an investment corpus of over Rs 6300 crore, it said.
The company’s board also declared a dividend (second consecutive year) at 6%.
Chola MS has a market share of 3% in the private insurance market.
The company said that retail has been the dominant growth strategy with Motor, Health Crop insurance contributing over 80% of the premiums across metros other cities.
S Gopalarathnam, Managing Director said, “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%.
I take this opportunity to thank our employees, our Joint Venture partner – MSI Japan, our business partners for the support over the years.”
