Coimbatore, 08 Jun 2015 : Cholamandalam MS General Insurance Company Limited (Chola MS), a joint venture of the Murugappa Group and Mitsui Sumitomo Insurance Company Ltd., the second largest Insurance group in Japan, today announced their ambitious plans for the state of Tamil Nadu. Speaking on the occasion of inauguration of their new State Office in Coimbatore Mr. S S Gopalarathnam Managing Director, Chola MS said “TN is an integral part of our growth strategy as it is our home ground. We aim to achieve a GWP of 300 crs in 2015-16 in the state. We plan to grow our business by 60% over last year. This is largely due to our distribution scale up and our good claims settlement record.”
The company has 16 branch offices in the state and is represented by 3000 Agents including 175 Automotive Dealers across 32 districts of the state. The Company also distributes its products and services across 530 branches of bancassurance partners.
The Company is actively trying to grow its Health portfolio in the state. The Company also has a very strong customer base for Retail Health Insurance products in TN.
Chola MS General Insurance Company has achieved a Gross Written Premium (GWP) of 1890 crs and a Profit Before Tax (PBT) of 201 crs for the Financial Year 2014-2015. Chola MS aims to achieve a GWP of 2500 crs for the FY 2015-16.The company has 110 branches and over 10000 agents across the country.
Chola MS offers a rich portfolio of insurance products and services for both retail and commercial segments. The wide range of products offered by Chola MS includes Accident and Health, Marine, Casualty lines, Property and Engineering besides Motor, Travel and Rural segments.
About Cholamandalam MS General Insurance Company Limited (Chola MS)
Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. Cholamandalam MS offers a wide range of products that include Accident, Engineering, Health, Liability, Marine, Motor, Property, Travel and Rural insurance for individuals and corporate. The company achieved a GWP of
1890 crores in 2014-15. The company has 110 branches and over 9000 agents across the country. The company champions a brand philosophy of T3 – Trust, Transparency and Technology. Chola MS has recently been awarded as the best insurance company across Asia for “Health Insurer Claims Team for the year 2013” at the Claims Asia Awards 2013 held at Hongkong. Amongst various awards and accolades; noteworthy amongst them is “Innovation Leader Award 2012” by Fintelekt. The company also received scheme run by the Ministry of Labour & Employment, Government of India. The company has been awarded “Financial Insights Innovation Award” for innovation in mobile enablement – Claims Survey Process in the recently concluded Asian Insurance Congress held at Singapore.
Visit www.cholainsurance.com for more information about the company and its products.
About the Murugappa Group
Founded in 1900, the INR 243 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Sabero Organics Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Química y Minera de Chile (SQM), Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.
About Mitsui Sumitomo Insurance Company Limited (MSI)
Mitsui Sumitomo Insurance Company Limited is part of MS&AD Insurance Group Holding Inc, the largest Insurance group in Japan, with NPW of US$28 billion (INR 1,684 billion) and net income US$889million(INR 53 billion) at FY2012-2013. The company has wide international network of 878 facilities spanning 39 countries and regions, centred on the fast-growing Asian region. MS&AD Insurance Group Holdings, Inc was awarded the “General Insurance Company of the Year” award in 2011 at the 15th Asia Insurance Industry Award. MSI was awarded the “1st Prize of the Prime Minister’s Insurance Award 2011 in Thailand.