Cholamandalam MS General Insurance Co. Ltd. (Chola MS) profit before tax and net profit for the year ended March has more than doubled to ₹264 crore and ₹200 crore respectively following strong growth in fire, motor and health business.
“In FY23, we posted good results and were ahead of the industry due to growth in all lines of business such as fire, motor and health insurance,” said V. Suryanarayanan, MD.
According to him, fire insurance grew by 33% against the industry growth of 11%, while motor insurance business rose by 27% (13%) and health insurance by 37% (31%). The insurer sold 121 lakh policies and aimed at strengthening its digital offerings.
Chola MS reported gross written premium of ₹6,200 crore, a growth of 28% against industry growth of 16%. The insurer’s net worth stood at ₹2,160 crore with a solvency ratio of 2.01 times for FY23.
“In FY24, Chola MS will continue to grow ahead of industry to step up its present market share of 2.87% amongst multi-line players and plans are afoot to hit 5%-mark in the next three to four years,” he said.
Asserting that 60% of business came from non-southern region, he said that retail accounted for 85% of total pie and they would like to take the share of commercial sector to 22% from 15%.
He also said that MS Chola would be re-entering the crop insurance business after a gap of three years as things have changed.
Published - May 04, 2023 08:55 pm IST
