CHOLA MS CROSSES RS. 4388 CRORES IN PREMIUMS AND RS. 374 CRORES IN PBT DURING FY 2020-21

Mumbai, 10^th 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.”

About Chola MS:

Chola MS General Insurance Company Limited is a Joint Venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan.

Chola MS offers a wide range of insurance products that include Motor, Health, Property, Accident, Engineering, Liability, Marine, Travel and Crop insurance for individuals and corporates. In FY 2019-20, the company achieved a Gross Written Premium (GWP) of INR 43,982 million. Chola MS currently has 135 branches and over 40,000 intermediaries across the country.

Chola MS champions a brand philosophy called T3, which stands for Trust, Transparency and Technology. It has also been consistently recognised and awarded by the Government of India, international entities and ratings agencies for its insurance service and delivery innovations.

Visit www.cholainsurance.com for more information about the company and its products.