V. Suryanarayanan, MD, Chola MS General Insurance at a press conference in Chennai on May 4, 2023. , Photo Credit: Bijoy Ghosh
Cholamandalam MS General Insurance Company Limited (Chola MS), a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group of Japan, ended the Financial Year (FY) 2023 with a Gross Written Premium (GWP) of ₹6,200 crore, which There is an increase of 27.6. % (as against industry growth of 16.2%).
Chola MS in its 20th year registered a profit before tax of ₹264 crore (Previous year: ₹106 crore). Chola MS ended March 2023 with a net worth of ₹2160 crore and a solvency ratio of 2.01x (regulatory minimum 1.5x). The company has grown its investment corpus to ₹14715 crore and enjoys high multiples of investment corpus to net-worth and GWP.
Sharing details about this growth story, V. Suryanarayanan, Managing Director, Chola MS said, “We are overwhelmed by this growth and would like to thank our policyholders, business partners, reinsurers, shareholders and regulators for their continued trust, support , encouragement and patronage. In FY 2023-24, Chola MS will continue to lead the industry to step up on its current market share of 2.87% among multi line players.”
“It will strengthen all its distribution channels and embrace new lines of business to meet market expectations. The company has set an ambitious goal of strengthening its digital offerings and will look to transform its legacy systems and data analytics is embarking on a journey of investing in technology that will deeply transform the way we engage with our customers and partners,” said Mr. Suryanarayanan.
Chola MS has a market share of 5.3% in the Motor line of business and 4.9% in the Personal Accident line of business. In the Fire line of business, the company grew by 33%. The company has strong and long standing bancassurance partnerships with state owned banks, private banks, small finance banks and rural banks. It also works on most major automobile Original Equipment Manufacturer (OEM) insurance programs and has an Agent / Point of Sales Person (POSP) network of 50,000+. Over the years, Chola MS has grown steadily to expand its physical presence across 26 states with over 600+ touch points, serving over 34 million customers.
Chola MS and Murugappa Group
Chola MS General Insurance Company Limited, a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan, started its operations in 2002. The company has grown steadily to expand its presence across 26 states with over 600 touch points and network. More than 14,500 garages and 11,000 hospitals. The company has grown to record a GWP of ₹6200 crore in FY23, with a growth of 27.6% over the same period. Chola MS operates with a solvency ratio of over 2.01 times. (1.5 times the regulatory minimum).
A leading and respected player in the General Insurance space, Chola MS espouses a philosophy known as T3-Trust, Transparency & Technology. Inspired by a promise taken by the company – #pledge2protect – ‘customer centricity’ is the essence of the brand. Guided by the Murugappa Group’s values and beliefs, The Five Lights (Integrity, Passion, Quality, Respect and Responsibility), Chola MS has been consistently recognized and awarded by the Government of India, International Institutions and Rating Agencies for its insurance service and its distribution innovation.
Established in 1900, the ₹547 billion (₹54,722 crore) Murugappa Group is one of India’s leading business conglomerates. The group has 29 businesses including ten listed companies traded on NSE and BSE. Headquartered in Chennai, the group’s major companies include Carborundum Universal Limited, CG Power & Industrial Solutions Limited, Cholamandalam Financial Holdings Limited, Cholamandalam Investment & Finance Company Limited, Cholamandalam MS General Insurance Company Limited, Coromandel International Limited. , Coromandel Engineering Company Limited, EID Parry (India) Limited, Parry Agro Industries Limited, Shanti Gears Limited, Tube Investments of India Limited and Wendt (India) Limited.
The Group holds a leadership position in several product lines including Abrasives, Technical Ceramics, Electro Minerals, Auto Components & Systems, Power Conversion Equipment, Transformers and Reactors for the Power T&D segment, Solutions for Railways in Rolling Stock and Signaling Equipment, Cycles, Fertilizers Is. Sugar, tea and spirulina (Nutraceuticals). The Group has strong alliances with leading international companies such as Groupe Chimic Tunisian, Foscor, Mitsui Sumitomo, Morgan Advanced Materials, Yanmar & Co and Compagnie des Phosphates de Gafsa (CPG). The group has a wide geographical presence across India and spread across 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Rodius, Parrys, Chola, Gromore, Shanti Gears and Paramphos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 59,000 employees.