Wednesday, May 14, 2014

Chola MS Insurance Targets Rs 2.5K Cr Premium In FY 2014-15

Private sector insurer Cholamandalam MS General Insurance Company Limited will concentrate on increasing its corporate and health insurance business to get a gross written premium (GWP) of Rs.2,500 crore and an operating profit of Rs. 225 crore in fiscal year 2014-15, said a company official.

“We will now start looking at increasing our corporate or commercial lines of business (fire, transit, burglary and others) and also the health insurance
Currently only 10 % of our business is from commercial lines,“ said Chola MS Managing Director Mr. S.S. Gopalarathnam.

The insurer has registered a 15 % growth in its gross written premium at Rs. 1,855 crore in the fiscal year ended March 31, 2014, against Rs. 1,620 crore in the previous year.

The profit before taxation has risen by 15 per cent to Rs. 101 crore. The net profit stood at Rs. 70 crore in 2013-14 against Rs. 60 crore.

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