To continue to focus on profitability
Chennai, September 3rd, 2012: Cholamandalam MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited Japan (MSI) announced their 10th anniversary today. The company commenced its operations in October 2002. The company would be organizing various customer events including a consumer awareness leaflet on general insurance to mark the celebrations.
Speaking on the occasion, Mr. A. Vellayan, Chairman – Murugappa Group “In the last 10 years Chola MS has grown at an average of CAGR of over 65% and achieved a GWP of Rs. 1350 crores last year. Chola MS ranks among the top 7 private general insurance companies in India. It has around 92 branches across the country and is facing a regulatory environment that is turning to be positive. The company shall strive to achieve a market share of around 3.5% and be amongst the top 5 insurers by 2014-15. We acknowledge the support and contribution of our partner on this occasion.”
The senior team led by Mr. Yasuyoshi Karasawa – President and CEO, MSI, Mr. Katsuhiko Kaneyoshi – Senior Executive Officer, MSI and Mr. Ichiro Iijima – Executive Officer MSI was also present during the function. Mr. Yasuyoshi Karasawa, President & CEO, Mitsui Sumitomo Insurance Company Limited commented “Reinforcing our strong partnership with Murugappa Group of ten years, we would contribute to the development of a vibrant society and help secure a sound future for India, by bringing security and safety through further business growth of Chola MS.”
Speaking on the occasion, Mr. N Srinivasan, Lead Director- Financial Services Business, Murugappa Group and Director – Chola MS said, “Chola MS has grown to be a niche` player in the retail segment offering value based solutions to the customers. Besides it is the insurer of choice for the leading Japan & Korean ventures in India. The company has won several awards and recognitions recently. Chola MS is working with internationally renowned consultants McKinsey & Company to improve its competitive position by best-in-class practices to delight its customers. Its associate Chola MS Risk Services offer unique risk solutions across various industry domains.”
Elaborating the plans further Mr. S.S. Gopalarathnam, Managing Director Chola MS said that “Chola MS would expand its retail health portfolio from Rs. 50 crores last year to Rs. 500 crores over the next year. The company is also aiming to increase its share in the property business. The company will aim for a GWP of Rs. 2500 crores and market leadership in profitability by 2014-15.”
About Cholamandalam MS General Insurance Company (Chola MS):
Chola MS General Insurance Company Ltd. is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. Chola 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 Rs. 1347 crores in 2011-12. The company has 92 branches and over 6000 agents across the country.
The company champions a brand philosophy of T3 – Trust, Transparency and Technology. The company has received various awards and accolades, noteworthy amongst them is the best insurance company for “In time Claims Settlement for the year 2011-12” in the Rashtriya Swasthya Bima Yojana(RSBY) 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 Rs. 22314 Crores (USD 4.4 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eight listed Companies actively 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., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor 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 JPY 1,269 billion (INR 735 billion) at FY2011-2012. The company has wide international network of 878 facilities spanning 40 countries and regions, centered 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 ceremony as being the most outstanding insurance company in the Asian insurance market during fiscal 2010. MS&AD Group Past Awards were as follows: 2009: Mitsui Sumitomo Insurance Group Holding, Inc. Corporate Social Responsibility Award. 2005: Mitsui Sumitomo Insurance Co., Ltd, General Insurance Company of the Year. MS&AD Insurance Group Holdings was also awarded the 12nd Rank among the world’s Most Admired Companies in the Property and Casualty Insurance field.