Chola MS crosses Rs. 1000 crore premium mark

Chennai, January 2, 2012: Cholamandalam MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group Japan has achieved a Gross Written premium (GWP) of Rs. 1000 crores during the first three quarters of the current financial year registering a growth of 40% over the same period of 2010-11. This is the first time that the company has crossed this mark in its 9 year history. The company is targeting a GWP of around Rs. 1350 crores during the current financial year.

Commenting on the same, Mr. S.S. Gopalarathnam, Managing Director, Chola MS said, “This is a momentous occasion for us at Chola MS and our entire team is very proud of this achievement. This growth has been possible due to support, co-operation and contribution from our bancassurance partners, agents, brokers, all intermediaries in our value chain and our staff.”

The company is focused on growing its retail portfolio through new products in Motor, Health and other lines of business. The company has already introduced 5 new retail products and is planning to launch 2 to 3 new products in the last quarter of the current financial year. The Company has won the Financial Insights Innovation Award for innovation in mobile enablement at the Asia Insurance Congress and also “Best In time Claims Settlement Award for RSBY Claims” from Government of India earlier this year.

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. 968 crores in 2010-11. The company has 96 branches and over 7500 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 “Best In time Claims Settlement for the year 2010-11” in the Rashtriya Swasthya Bima Yojana(RSBY) scheme run by the Ministry of Labour & Employment, Government of India. Also recently 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. 17051 Crores (USD 3.8 billion) Murugappa Group is one of India's leading business conglomerates. The Group has 29 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, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo and Morgan Crucible. The Group has a wide geographical presence panning 13 states in India and 5 continents.

Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, 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 (MSI)

Mitsui Sumitomo is part of MS&AD, the largest Insurance group in Japan, with an Ordinary Income (NPW) of $30.59 billion at FY2010-2011. The company has international network of 320 facilities spanning 42 countries and regions, centered on the fast-growing Asian region. 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. MSI was also awarded the 10th Rank among the world’s Most Admired Companies in the Property and Casualty Insurance field.

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