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Cholamandalam MS registers premium of
Rs. 526 crores – surpasses previous year’s gwp in 9 months
Chola MS is the fastest growing player in General
Insurance with 36% growth.
Chennai, 15 January, 2009: Cholamandalam
MS General Insurance Company Ltd. (Chola MS), a joint venture of
the Murugappa Group and Mitsui Sumitomo Insurance Group, the second
largest Insurance group in Japan, posted a Gross Written Premium
(GWP) of Rs. 526 crores for the period of April – December
2008. The company has surpassed previous year’s (2007-08) GWP
of Rs. 522 crores within 9 months of this year. The company has
again posted a premium growth of 36 % (YTD), the highest in the
industry. The market share of the company has increased from 1.85%
in March 2008 to 2.31% in November 2008.
Commenting on the results, Mr. S.S. Gopalarathnam, Managing Director,
Chola MS said, “This quarter’s result is a testimony to
our resilience. We are very happy to post a 36% growth in GWP during
these challenging times. Our market share has also improved from
1.85% to 2.31%, showcasing our consistent growth in the general
insurance industry”.
The achievement is even more remarkable in the face
of a challenging macroeconomic scenario which has seen a recent
decline in the vehicle sales. Also the intense competition within
the industry has resulted in discounts hovering at 85-90% for Fire
and Engineering insurance and 40% for Motor insurance segments.
The company has made conscious attempt at portfolio rationalization
through prudent choice of business in loss prone areas of Group
Health, Dealer Business and SME Business.
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 (Chola MS)
Cholamandalam MS General Insurance Company Ltd. is a Joint Venture
between the 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,
and Property, Travel and Rural insurance for individuals, SME and
corporate.
About the Murugappa Group
Headquartered in Chennai, the Rs.9582 Crore (USD 2.4 billion) Murugappa
Group is one of India’s leading business conglomerates. Market
leaders in diverse areas of business including Engineering, Abrasives,
Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers,
Plantations, Bio-products and Nutraceuticals, its 29 limited companies
have manufacturing facilities spread across 13 states in India.
The organization fosters an environment of professionalism and has
a workforce of over 30,000 employees. The Group which has forged
strong joint venture alliances with leading international companies
like DBS Bank, Mitsui Sumitomo, Cargill, China Engineering &
Exploration Bureau, Foskor and Groupe Chimique Tunisien, has consolidated
its status as one of the fastest growing diversified business houses
in India.
About Mitsui Sumitomo Insurance Company
(MSI)
Mitsui Sumitomo is the second largest Insurance Group in Japan,
with a Net Written Premium (NWP) of 12.65 billion USD in 2007. The
Company has 729 sales bases, 257 claims handling offices and about
59000 agents throughout Japan. MS also offers its services globally
with 52 sales bases in 38 countries and regions overseas. Mitsui
Sumitomo Insurance Co. Ltd. was awarded the “General Insurance
Company of the Year” Award in 2005 at the 9th Asia Insurance
Industry Award ceremony held in Singapore. This has been awarded
to MSI for being the most active non-life insurance company and
for reaching the top of the foreign non-life insurers in the region.
For further information, please contact:
Neeraj Moorjani
General Manager,
Brand Mgmt. and Corporate Communications
Cholamandalam MS General Insurance Company
Tel: 044 43995425 / 09840909420
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