Chola MS reports 27.6% growth in FY 2023

CHENNAI: Cholamandalam MS General Insurance Company Ltd (Chola MS), the joint venture between Murugappa Group and Japan’s Mitsui Sumitomo insurance group, has ended the financial year FY 2023 with gross written premium (GWP) of Rs 6200 crore, a growth of 27.6% (as against industry growth of 16.2%).

Chola MS, in its 20th year, registered a profit before tax of Rs 264 crore (Rs 106 crore). Chola MS ended March 2023 with a net worth of Rs 2160 Crore and a solvency ratio of 2.01 times (regulatory minimum of 1.5 times). Its investment corpus has surged to Rs 14,715 crore and enjoys high multiples of investment corpus to net-worth and GWP.

V Suryanarayanan, MD, Chola MS, said, “In FY 2023-24, Chola MS will continue to grow ahead of industry to step up on its present market share of 2.87% amongst multi line players.”

It would strengthen all its distribution channels and embrace new lines of business to meet market expectation. The company is investing on data analytics which would profoundly change the way it engages with its customers and partners, he added.

Chola MS pegs market share at 5.3% in motor line of business and 4.9% market share in personal accident line of business. In fire line of business the company grew by 33%.

The company has settled over half a million claims in FY23 across lines of business through its network of 14,500+ network garages and 11,000+ hospitals.