Chola MS targets Rs.1,350 crore premium by March-end

January 2nd, 2012 - 7:53 pm ICT by IANS  

Chennai, Jan 2 (IANS) Cholamandalam MS General Insurance booked a total premium of more than Rs.1,000 crore in the first nine months of the current fiscal and hopes to achieve a business of Rs.1,350 crore this fiscal, focussing on new products.

Chola MS is a joint venture between the city-based Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. This is the first time that the company has crossed the 1,000-mark in its nine-year history.

In a statement issued here Monday, the company said it had crossed a gross written premium (GWP) of more than Rs.1,000 crore in the first three quarters of the current financial year, registering a growth of 40 percent over the same period of 2010-11.

“The company is targeting a GWP of around Rs.1350 crore during the current financial year,” the statement added.

According to Managing Director S.S. Gopalarathnam, the company is focused on growing its retail portfolio through new products in motor, health and other lines of business.

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